Find the future value of the following investment. Principal Nominal Rate Frequency of Conversion Time $9010.00...

Question

Question

Find the future value of the following investment.

Principal	Nominal Rate	Frequency of Conversion	Time
$9010.00	5.6%	semi annually	77 years

Answer 1

Answer #1

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Statement showing Computations
Particulars	Amount
Principal	9,010.00
Nominal rate	5.60%
Semi Annual rate = 5.6%/2	2.80%
Time in years	77.00
Semi Annual years = 77*2	154.00
A= P(1+r/100)^n
Future Value =9010 *(1 + 2.80/100)^154
Future Value =9010 *(1.028)^154
Future Value =9010 *70.2975
Future Value = $633,380.15

Answer 2

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