The correct equation to calculate the equivalent amount of money “F” that can be spent 10...
The correct equation to calculate the equivalent amount of money “F” that can be spent 10 years from now in lieu of spending $35,000 now at an interest rate of 15% per year is:
(a) F= 35,000(F/P, 10%, 15)
(b) F= 35,000(P/F, 15%, 10)
(c) F= 35,000(F/P, 15%, 10)
(d) F= 35,000(P/A, 15%, 10)
Homework Answers
Answer - (c) F= 35,000(F/P, 15%, 10)
In this case we have to calculate the future value (F) of a single present amount (P) now at a specified rate of interest. In the question, the rate of interest is 15% (i) and the number of years is 10 years (N). The alternative formula for this factor is F = 35,000 (1+i) N
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The correct equation to calculate the equivalent amount of money
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