Use technology and the future value formula to find i.

Question

Use technology and the future value formula to find i.

FV=​$6,167​;

PMT=​$700​;

n=7​;

i=​?

i = ________

Answer 1

Hi Sean

Technology

Calculator.net

Set on I/Y

FY= 6167

N =7

Start Principal = 0

PMT = 700

PMT made at end of each compound period

I/Y = 7.584 % or rounds to 8% = 0.08

Is that better and thank you for your input.