Question

4 pts

Answer 1

9514 1404 393

Answer:

• =FV(4.5%/12,30*12,-150,0)
• $113,907.92
• $54,000
• $59,907.92

Step-by-step explanation:

We have used the formula shown in Go.ogle Sheets to give the results shown. (We presume Excel has a similar function.)

The result is that the future value of the investment is $113,907.92.

The amount deposited is ($150/mo)(12 mo/yr)(30 yr) = $54,000.

The interest earned is the difference: $113,907.92 -54,000 = $59,907.92.