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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

jeff jeffy answered 2 years ago
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