3. Sylvia wants to go on a cruise around the world in 5 years. If she puts $50 into an
1 answer:
Answer:
$13,756.31
Step-by-step explanation:
The computation of the amount at the end of the five years is shown below:
Here we applied the FV formula
Given that
NPER = 5 × 52 = 260
RATE = 2.25% ÷ 52 = 0.043269%
PV = $0
PMT = $50
The formula is given below:
=-FV(RATE;NPER;PMT;PV;TYPE)
After applying the above formula, the future value is $13,756.31
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