Homework SourseYou invest 800 per year at the beginning of each year for 8
You invest 800$ per year at the beginning of each year for 8 years at an interest rate of 8% the future value of your koney will be equal to approximately
A 9190
B 18508
C 18989
D none of the above
You invest 800$ per year at the beginning of each year for 8 years at an interest rate of 8% the future value of your koney will be equal to approximately
A 9190
B 18508
C 18989
D none of the above
A 9190
B 18508
C 18989
D none of the above
Solution
Total Year of loans = 8 Years Interest rate = 8% Per Annum CALCULATION OF THE FUTURE VALUE OF THE INVESTMENT Years PAYMENTS INTEREST @ 8% CUMULATIVE BAL. Remarks 1 800.00 64.00 864.0 (Payments +Interest) 2 800.00 133.12 1,797.1 (Opning Bal +Investmet) + Interest 3 800.00 207.77 2,804.9 (Opning Bal +Investmet) + Interest 4 800.00 288.39 3,893.3 (Opning Bal +Investmet) + Interest 5 800.00 375.46 5,068.7 (Opning Bal +Investmet) + Interest 6 800.00 469.50 6,338.2 (Opning Bal +Investmet) + Interest 7 800.00 571.06 7,709.3 (Opning Bal +Investmet) + Interest 8 800.00 680.74 9,190.0 (Opning Bal +Investmet) + Interest So , As per the above Answer = Option A = $ 9190
