Thanks for the reply. So I actually tried that using FV= C [ (1+i)^n -1 ] / i

I plugged in 1028.61 for the C value, .12 for interest, and 60 for n. The value I got is very large, 7.68 E6. Am I making a stupid mistake somewhere here? I also tried it with n=5 with no luck. Thanks again for the help

Sep 12th, 2015

What you're saying makes sense. The answer is from the textbook but I will check it with my professor. I correctly calculated the $1028.61 value using a somewhat lengthy formula. I'll let you know what I find out