Lena plans to invest 8,700 dollars in 2 year(s) and 8,000 dollars in 1 year(s). She...
Lena plans to invest 8,700 dollars in 2 year(s) and 8,000 dollars in 1 year(s). She expects to earn 15.24 percent, compounded quarterly. How much money does Lena expect to have in 10 years?
Homework Answers
| Step-1:Calculation of future value of 8,700 | |||||||||||
| Future value | = | P | * | (1+i)^n | Where, | ||||||
| = | $ 8,700.00 | * | (1+0.0381)^32 | P | = | $ 8,700.00 | |||||
| = | $ 8,700.00 | * | 3.30867503 | i | = | 15.24%/4 | = | 0.0381 | |||
| = | $ 28,785.47 | n | = | 8*4 | = | 32 | |||||
| Step-2:Calculation of future value of 8,000 | |||||||||||
| Future value | = | P | * | (1+i)^n | Where, | ||||||
| = | $ 8,000.00 | * | (1+0.0381)^36 | P | = | $ 8,000.00 | |||||
| = | $ 8,000.00 | * | 3.84247347 | i | = | 15.24%/4 | = | 0.0381 | |||
| = | $ 30,739.79 | n | = | 9*4 | = | 36 | |||||
| Step-2:Calculation of value of money in 10 years | |||||||||||
| Value of money in 10 years | = | $ 28,785.47 | + | $ 30,739.79 | |||||||
| = | $ 59,525.26 | ||||||||||
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