As we know--
FVA = P * ((1 + r)n- 1 / r)
Where, FVA is future value of annuity, P is the periodical amount = $580, r is the rate of interest = 0.43% per month and n is the time period = 3 * 12 = 36 months.
Now, putting these values in the above formula, we get,
FVA = $580 * ((1 + 0.43%)36- 1 / 0.43%)
FVA = $580 * ((1 + 0.0043)36- 1 / 0.0043)
FVA = $580 * ((1.0043)36 - 1 / 0.0043)
FVA = $22530.58 is the answer.
In finance and economics, interest is price from a borrower or deposit-taking economic group to a lender or depositor of an quantity above reimbursement of the predominant sum, at a specific rate. it is awesome from a rate which the borrower may additionally pay the lender or a few 1/3 party.
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