Question 1100612
The formula for the future value of a payment is:
{{{FV=((P((1+i)^n) -1)/i)}}}
where FV = Future Value
PMT = Payment per time period
i = Interest Rate per Time Period
n = Number of Time Periods
So:
a)FV(6)=50(1+((.06/12))^6)-1)/(.06/12)
FV=50*(1.005)^6 -1/.005=$303.78
b)FV(36)=50((1.005)^36 -1/.005=$1966.81
c)1000=50((1.005)^n)-1)/.005
0.1=(1.005)^n -1
1.1=1.005^n
ln 1.1=ln 1.005^n=n ln 1.005
n=19.11 months
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