Question

For each of the following, compute the future value: (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
Present Value Years Interest Rate Future Value
$ 2,550 8 18 % $
9,653 21 10 $
101,305 15 11 $
239,382 27 5 $

Answer 1

Answer:

$9585.09

$71,434.61

$484.702.84

$893,722.24

Explanation:

The formula used in calculating future value is given as :

FV = P (1 + r)^n

FV = Future value

P = Present value

R = interest rate

N = number of years

1. $ 2,550 (1 + 0.18)^8 = $9585.09

2. 9,653 (1 + 0.1)^21 = $71,434.61

3. 101,305 (1 + 0.11)^ 15 = $484.702.84

4. 239,382(1 + 0.05)^27 = $893,722.24

I hope my answer helps you