You are scheduled to receive 14000 dollars in 2 years. When you receive it, you will invest it for 8 more years at 9.5 percent per year. How much you will have in 10 years?
Value of money in 10 years | = | P2 | * | (1+i)^n | Where, | |||
= | $ 14,000.00 | * | (1+0.095)^8 | P2 | = | $ 14,000.00 | ||
= | $ 14,000.00 | * | 2.066869009 | i | = | 9.50% | ||
= | $ 28,936.17 | n | = | 8 |
You are scheduled to receive 14000 dollars in 2 years. When you receive it, you will...
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