Question
In: Finance
An ATM with a service fee of $5 is used by a person 100 times in...
An
ATM with a service fee of $5 is used by a person 100 times in a
year. What would be the future value in 6 years (use a 4 percent
rate) of the annual amount paid in ATM fees. Round FVA factor to 3
decimal places and final answer to 2 decimal places.
Solutions
Expert Solution
Annual service fee = Service fee per transaction * Number of times = $5 * 100 = $500
Future value = $500 * FVA(4%,6 years)
= $500 * 6.633
= $3,316.50
Future value = $3,316.50
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