FV and PV of a single amount non annually test with answers

Homework #2C (FV and PV of a Single Amount Non-
Annually)
Question 1
Compound Interest

http://www.moneychimp.com/calculator/compound_interest_calculator.htm

FV =PV ( 1+i )N


FV = Future Value
PV = Present Value
i = Interest
N = # of Periods

If you invest $22,410 today at an interest rate of 9.53 percent, compounded daily, how much
money will you have in your savings account in 26 years? Round the answer to two decimal
places.

Answer:
266,929.31


Question 2
Compound Interest

http://www.moneychimp.com/calculator/compound_interest_calculator.htm
N
FV =PV ( 1+i )


FV = Future Value
PV = Present Value
i = Interest
N = # of Periods

To what amount will the following investment accumulate?
$4,096, invested today for 10 years at 17.07 percent, compounded monthly. Round the answer to
two decimal places.

Answer:
22,308.86




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