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A couple invests $10,970.00 today in a money market fund that pays 8.00% per year. What...

A couple invests $10,970.00 today in a money market fund that pays 8.00% per year. What is the value of this account in exactly one year?

Answer Format: Currency: Round to: 0 decimal places.

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Answer #1

Calculate the future value as follows: ifel-N(8%,1,,-10970,1) Function Arguments FV Rate 8% Nper 1 Pmt | = 0.08 number Pv 10970 Type 1 10970 11847.6 Returns the future value of an investment based on periodic, constant payments and a constant interest rate. Type is a value representing the timing of payment: payment at the beginning of the period 1; payment at the end of the period 0 or omitted. Formula result$11,847.60 Help on this function OK Cancel Therefore, the future value is $11,848

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