(solution) Future value with periodic rates . Matt Johnson delivers

(solution) Future value with periodic rates . Matt Johnson delivers

Future value with periodic rates.

Matt Johnson delivers newspapers and is putting away $15.00 every month from his paper route collections. Matt is eight years old and will use the money when he goes to college in ten years. What will be the value of Matt?s account in ten years with his monthly payments if he is earning 6% (APR), 8% (APR), or 12% (APR)?