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Determine future value of money

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Reference no: EM131852829

(a) To determine: Future value of money if $1000 is invested for one year in CD earning 6.05 interest, compounded monthly

(b) To determine: Future value of money if $1000 is invested for one year in CD earning 20% interest, compounded monthly

(c) To determine: Future value of money if $1000 is invested for one year in CD earning 0.25% interest, compounded monthly

(d) To determine: The effect of change of interest rate on savings and the purchasing power.

Reference no: EM131852829

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