value of investment problem
. If a nurse deposits $1,000 today in a bank account and the interest is compounded annually at 12%, what will be the value of this investment:
a) five years from now? $1,000×FVF(12%,5)
b) ten years from now? $1,000×FVF(12%,10)
c) fifteen years from now? $1,000×FVF(12%,15)
d) twenty years from now? $1,000×FVF(12%,20)
2. If the business manager deposits $200 in a savings account at the end of each year for twenty years, what will be the value of her investment:
a) at a compounded rate of 10%? $200×FVFA(10%,20)
b) at a compounded rate of 14%? $200×FVFA(14%,20)
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