What is the future value of $121,307 invested today in an account that earns a 7.5%...

What is the future value of $121,307 invested today in an account that earns a 7.5% annual rate in 40 years?

Solutions

Expert Solution

future value = present value * (1 + rate)^{number of
years}

future value = $121,307 * (1 + 7.5%)⁴⁰

future value = $2,188,892.50

jeff jeffy answered 2 years ago

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