Question

What is the future value of ​$510 per year for 8 years compounded annually at 9 ​percent?

Answer 1

Answer: $1016.21

Step-by-step explanation:

Given: The Present value  : $P=\ 510$

The rate of interest : $i=0.09$

The number of time periods : $n=8$

The formula to calculate the future value is given by :-

$\text{Future value}=P(1+i)^n$

$\Rightarrow\ FV=510(1+0.09)^8=1016.20694726\approx1016.21$

Hence, the future value = $1016.21

Answer 2

The future value of ​$510 per year for 8 years compounded annually at 9 ​percent is $1,016.21.

What is the future value?

The investment's future value refers to the compounded value of the present cash flows in the future, using an interest rate.

The future value can be determined using the future value table or formula.

We can also determine the future value using an online finance calculator as below.

Data and Calculations:

N (# of periods) = 8 years

I/Y (Interest per year) = 9%

PV (Present Value) = $510

PMT (Periodic Payment) = $0

Results:

FV = $1,016.21 ($510 + $506.21)

Total Interest = $506.21

Thus, the future value of ​$510 per year for 8 years compounded annually at 9 ​percent is $1,016.21.

Learn more about future values at brainly.com/question/12890404