Question

What is the future value of $646 invested for 19 years at 16.0 percent compounded annually?

Do not round intermediate calculations. Round your answer to the nearest cent.

 

 

Answer 1

Calculation of the future value:

Future value = Present value x (1+Rate)^n

                     = $646 x (1+0.16)^19

                     = $646 x 16.776517

                     = $10,837.63

 

Hence, the future value is "$10,837.63".

Hence, the future value is "$10,837.63".

 

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The future value is "$10,837.63".