Tmp 421 exam 2 review - Study guides, Class notes & Summaries
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TMP 421 - Exam 2 Review 2024-2025
- Exam (elaborations) • 16 pages • 2024
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TMP 421 - Exam 2 Review Questions With Correct Answers
- Exam (elaborations) • 24 pages • 2024
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©SIRJOEL EXAM SOLUTIONS 
12/3/2024 11:27AM 
Interest for year 3 = (1,081.60)(0.04)(1) = $43.26 
Interest earned = $40 + $41.60 + $43.26 = $124.86 
Bank balance = $1,124,86 
OR using FV 
FV = $1,000(1.04)^3 = $1,124.86 
Future Value - answerFV = PV(1+i)^n 
PV = Present value, or current principal amount 
i = interest rate earned per period of compounding 
n = number of compounding periods that the money will be invested 
Calculate the future value in 4 years of a $3,000 investment that earns 8% ...
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