Compute the future value in year 8 of a $5,000 deposit in year 1, and another...
Compute the future value in year 8 of a $5,000 deposit in year 1, and another $4,500 deposit at the end of year 3 using an 10 percent interest rate. (Do not round intermediate calculations and round your final answer to 2 decimal places.)
Future value = _______
Homework Answers
Future value = Present value(1+Interest rate)^number of years
Hence, future value = 5000(1.10)^7 + 4500(1.10)^5
= $16,990.8805
i.e. $16,990.88
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