What are the answer choices?
Answer:
FV= $115,928.81
Explanation:
Giving the following information:
Monthly deposit= $70
Interest rate= 0.12/12= 0.01
n= 24*12= 288
<u>To calculate the future value, we need to use the following formula:</u>
FV= {A*[(1+i)^n-1]}/i
A= monthly deposit
FV= {70*[(1.01^288) - 1]} / 0.01
FV= $115,928.81
A privilege
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Answer:
$3 loss
Explanation:
Given that
Selling value of an asset = $60
Spot price at that time = $58
The Spot price in one year = $63
So, the now the gain or loss for one year would be
= Selling value of an asset - Spot price in one year
= $60 - $63
= $3 loss
Since we have to find out for one year so we considered the price for one year i.e selling price and the spot price