A man buys furniture that has a list price of $255. He is allowed a discount of 12% but must pay a sales tax of 3% on the cost.
The amount he actually pays is: (A) $217.67 (B) $231.13 (C) $224.40 (D) $232.50 (E) none of these
2 answers:
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Answer:
The future value of this initial investment after the six year period is $2611.6552
Step-by-step explanation:
Consider the provided information.
A student desired to invest $1,540 into an investment at 9% compounded semiannually for 6 years.
Future value of an investment:
Where Fv is the future value, p is the present value, r is the rate and n is the number of compounding periods.
9% compounded semiannually for 6 years.
Therefore, the value of r is:
Number of periods are: 2 × 6 = 12
Now substitute the respective values in the above formula.
Hence, the future value of this initial investment after the six year period is $2611.6552