Question

In: Finance

calculate to the nearest cent the future value of an investment of $10000 at the stated...

calculate to the nearest cent the future value of an investment of $10000 at the stated interest rate after the stated amount of time 10.4% per year compounded monthly after 9 years.

Solutions

Expert Solution

Ans $ 25395.00

FV = Future Value
PV = Present Value
r = rate of interest
n= no of period
FV = PV (1 + r )^n
FV = 10000*(1+ 10.4%/12)^108
FV = 25395.00

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