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Chapter 4: Q11BP-a (page 282)

If you invest $8,500 per period for the following number of periods, how much would you have? a. 12 years at 10 percent.

Short Answer

Expert verified

The investor would have $181,766.41 after 12 years.

Step by step solution

01

Identification of the required information

Payment (PMT) = $8,500

Period (n) = 12 year

Interest Rate (i) = 10%

02

Future value (FV)


FV=PMT脳1+in-1i=$8,500脳1+10%12-110%=$181,766.41

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