Question

What is the future value of $2730 10 years from now at 7 percent?

Answer 1

Amount(P) = $ 2,730

Period(n) = 10 years

Interest Rate(i) = 7%

Future Value = P * (1+i)^n

Future Value = $ 2,730 * (1+0.07)^10

Future Value = $ 2,730 * 1.9671

Future Value = $ 5,370.32 Future value of $2730 10 years from now at 7 percent= $ 5370 (Approx)

Note:

A	B	C = B*1.07	D= B+C
Year	Opening Balance	Interest @ 7%	Closing Blance
1	$           2,730	$        191	$        2,921
2	$           2,921	$        204	$        3,126
3	$           3,126	$        219	$        3,344
4	$           3,344	$        234	$        3,578
5	$           3,578	$        250	$        3,829
6	$           3,829	$        268	$        4,097
7	$           4,097	$        287	$        4,384
8	$           4,384	$        307	$        4,691
9	$           4,691	$        328	$        5,019
10	$           5,019	$        351	$        5,370