Question
In: Finance
Future Value Compute the future value in year 9 of a $440 deposit in year 4...
Future Value Compute the future value in year 9 of a $440 deposit in year 4 and another $240 deposit at the end of year 5 using a 9% interest rate.
Multiple Choice
-
$1,015.77
-
$1,476.89
-
$964.40
-
$1,144.40
Solutions
Expert Solution
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
A=440*(1.09)^5+240*(1.09)^4
which is equal to
=$1015.77(Approx)
jeff jeffy answered 2 years agoRelated Solutions
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