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Economics - Financial Markets
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OpenStudy (s3a):
What is the future worth of the account in this problem?
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OpenStudy (s3a):
Here is the problem: http://pastebin.com/sPW19bvG Is the given nominal interest an annual interest rate (because I've been assuming that it is)? I've been doing EIR = (1 + 4.5/100 * 1 / 24, 24)^24 - 1, followed by 75 * fOverA(EIR, (2025 - 2007 + 1)) but that gives 2201.035645656518, which is apparently wrong. I've been stuck at this for very long, and I would appreciate it if someone could steer me in the right direction!
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