On April 28, 2020 a sum of $39,700.00 was deposited into an account. What would be the future value of this sum of money on July 9, 2024, if the interest rate is 2.67% compounded monthly. (1year = 365days) Round the value for FV to two decimal places. P/Y = 12 2.67 % C/Y = 12 DBD = 1533 days I/Y =

On April 28, 2020 a sum of $39,700.00 was deposited into an account. What would be the future value of this sum of money on July 9, 2024, if the interest rate is 2.67% compounded monthly. (1year = 365days) Round the value for FV to two decimal places. P/Y = 12 2.67 % C/Y = 12 DBD = 1533 days I/Y =

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 36P

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Question

On April 28, 2020 a sum of $39,700.00 was deposited into an account. What would be
the future value of this sum of money on July 9, 2024, if the interest rate is 2.67%
compounded monthly.
(1year = 365days)
Round the value for FV to two decimal places.
P/Y =
2.67
12
%
PV = $39700.00✓
C/Y =
12
PMT= $ 0
DBD = 1533
FV = $44340.93×
days
I/Y =

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