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Consider a $4,500 deposit earning 10 percent interest per year for ten years. What is the future value? (Do not round Interme

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Answer #1

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ans 1
we have to use financial calculator to solve this
put in calculator -
PV -4500
PMT 0
I 10%
N 10
compute FV $11,671.84
FV = $11,671.84
ans 2 Interest on original amount = 4500*10%*10 $ 4,500.00
Ans 3 Interest earned on interest = 11671.84-4500-4500 $7,171.84
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