Microsoft Word
Member
I put the values into the future value formula: 1000(1+3.75%/12)^15 = $1047.91
But the answer is A
Could anyone help, please?
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Annuity question (1 Viewer)
- Thread starter Microsoft Word
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I put the values into the future value formula: 1000(1+3.75%/12)^15 = $1047.91
But the answer is A
Could anyone help, please?
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What year was that question from?
Microsoft Word
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2013 hsc
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I = P*r*n
=$1000 * (3.75%/12) *
=$46.875
A=P+I
=$1000 + $46.875
=$1046.875
≈$1046.88
- Joined
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You use the simple interest rate formula (interest rate is flat), rather than the future value formula.
Last edited:
Microsoft Word
Member
Thank you so much 