Answer:
1. $832,258.64
2. $616,550.50
3. $476,407.77
Explanation:
As the question is concerned, we are to calculate the Future value for the following data
1. PV = 0
PMT = 1,000
N = 30*12 = 360
I = 5%/12
Future Value = PV (PMT, N, I)
Future Value = PV(0, 1,000, 360,0.05/12)
Future Value = $832,258.6354
Future Value = $832,258.64
2. PV = 0
PMT = 1,500
N = 20*12 = 240
I = 5%/12
Future Value = PV (PMT, N, I)
Future Value = PV (0, 1,500,240, 0.05/12]
Future Value = 616,550.5028
Future Value = $616,550.50
3. PV = 0
PMT = 800
N = 25*12 = 300
I = 5%/12
Future Value = PV (PMT, N, I)
Future Value = PV (0, 800, 300, 0.05/12]
Future Value = 475,407.7668
Future Value = $476,407.77
