Suppose you invest $1000 in an account paying 10% interest per year.

Suppose you invest $1000 in an account paying 10% interest per year. How much will you have in the account in 7 years? in 20 years? in 75 years?

Expert Solution

In 7 years, in 20 years, in 75 years the future values are solved

By putting all the values from the question given data. you can also do that in excel just by using the formula in a cell =FV press tab then simply follow up the formula by putting all the data in sequence vise.

FV in 7 years= $1,000 x(1.10) ^7= $1948.72

FV in 20 years= $1000 x(1.10) ^20= $6727.5

FV in 75 years= $1000 x(1.10) ^75= $1271895.37

umair jan answered 3 years ago

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