Correction:

To set the record straight,

FV= ((Amt of $500 over 30years*12 months @ 10%/12)-1)/10%/12

=500*((((1+(0.1/12))^*(*30*12*)*)-1))/(0.1/12)
=$1,130,243.96

Sorry for missing the brackets around the exponent 30*12 . Note:
(1+r)^(a*b) <(1+r)^a*b


I agree with Ron's handling of the first 2 parts of the question. You
can double-check your results with the following approach:

The FV of $500 p.a. at 10% p.a. interest (compounding monthly) for 30
years is calculated as follows:

FV= ((Amt of $500 over 30years*12 months @ 10%/12)-1)/10%/12

=500*((((1+(0.1/12))^30*12)-1))/(0.1/12)
=$86,3541.09


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davidm
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