Find the future value FV of the given present value. (Round your answer to the nearest cent.)Present value of $3,670 at 234% for six years
Question
Find the future value FV of the given present value. (Round your answer to the nearest cent.)Present value of $3,670 at 234% for six years
Solution
To find the future value of an investment, you can use the formula for compound interest, which is:
FV = PV * (1 + r/n)^(nt)
Where: FV = Future Value PV = Present Value r = annual interest rate (in decimal form) n = number of times that interest is compounded per year t = time the money is invested for in years
In this case, the present value (PV) is $3,670, the annual interest rate (r) is 234% or 2.34 in decimal form, the number of times that interest is compounded per year (n) is assumed to be 1 (annually), and the time (t) is 6 years.
So, plug these values into the formula:
FV = 3670 * (1 + 2.34/1)^(1*6)
Solving this equation will give you the future value of the investment.
Similar Questions
Find the future value at the end of 5 years of $900 invested today at an interest rate of 17 per cent.a.$1992.1b.$1968.62c.$1976.5d.$1973.2
The output of the following function is the future value of an account if:PV dollars are depositedLeft for Y yearsAt an annual rate of rWith n compounds per year 𝐹𝑉=𝑃𝑉(1+𝑟𝑛)(𝑛𝑌) Marissa plans to put $4300 dollars in an account that earns 4% interest compounded monthly. Use the formula or the FV function in Excel to find Marissa's account balance in 13 years. (Do not round until the final answer, then round your answer to the nearest dollar, and don't include the dollar sign.)
A new car is purchased for 22300 dollars. The value of the car depreciates at 10.25% per year. What will the value of the car be, to the nearest cent, after 6 years?
Find the present value of an annuity with payments of $1,800 at the end of each year for 12 years. The interest rate is 8.5% compounded annually. Round to the nearest dollar.
A perpetuity will pay $2 500 per year, starting five years after the perpetuity is purchased. What is the future value (FV) of this perpetuity, given that the interest rate is 5%?Question 12Select one:$41 096$47 429There is no solution to this problem.$42 740
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.