Question

Calculate the future value of $7,000 in four years at an interest rate of 8% per year.

Answer 1

The Future value is $9523.42. Future value is the amount of money that, when invested now at an interest rate, will eventually grow to be.

What is the Future Value of Money?

Future value is the amount of money that, when invested now at an interest rate, will eventually grow to be.

Calculation of Future value

Present Value = $7,000     interest rate = 8%     Time = 4 years

FV = Future Value                PV = Present Value

FV=PV(1+i)ⁿ

FV= 7,000(1+0.8)⁴= $9,523.42

Thus, the Future Value of $7,000 for four years is $9523.42.

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