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
	$	2,450			10			13	%			$
		9,853			23			8
		103,305			17			6
		241,382			33			4

Answer 1

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.A=2450*(1.13)^10

=2450*3.39456739

=$8316.69(Approx)

b.A=9,853*(1.08)^23

=9,853*5.87146365

=$57851.53(Approx)

c.A=103,305*(1.06)^17

=103,305*2.69277279

=$278176.89(Approx)

d.A=241382*(1.04)^33

=241382*3.6483811

=$880653.53(Approx)