In this week’s edition of Pass the FE Exam, I calculate future worth in an engineering economics problem. This is part of our problems and solutions video series here at Pass the FE Exam.
Before we get into engineering economics, let me remind you that the FE EXAM or fundamentals of engineering is the first step to getting your professional engineering license, and through the videos on this channel, including this one, you will learn not only how to properly prepare for the exam, but how to ensure you PASS THE FE EXAM!
Subscribe to our YouTube channel here, as our weekly videos will help you Pass the FE Exam. Leave your FE questions in the comments below and we will answer them in future videos.
Now let’s jump into engineering economics, firstly, here is the problem below:
The best way to see this solution will be to watch the video which you can find at the top of this post, however, here are a few key points to remember when tackling engineering economics problems on the FE exam:
- Familiarize yourself with the table that provides the Factor Names and conversion formulas. For example, if you have Present Worth (P) and need Future Payments (F), you can find equation in the table (again see video at top of this page for an example),
- Learn how to use the interest rate tables in the FE Handbook to save time and expedite solving these problems as I did in the video above,
- Know the nomenclature for ALL engineering economics terms to save time in solving these problems. You should know them cold before the exam!
I hope you found this week’s video helpful. In upcoming videos, I will share some more studying strategies and also cover some more problems including engineering economics practice problems.
We publish videos weekly on our Pass the FE Exam YouTube Channel. Be sure to visit our page here and click the subscribe button as you’ll get expert tips and tricks each week – to ensure your best success – that you can’t get anywhere else. Believe me, you won’t want to miss a single video.
Lastly, I encourage you to ask questions in the comments of the videos or here on this page and I’ll read and respond to them in future videos. So, if there’s a specific topic you want me to cover or answer, we have you covered.
I’ll see you next week…
Anthony Fasano, P.E.
Engineering Management Institute
Author of Engineer Your Own Success
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