Five years from today, you plan to invest $4,150 for 10 additional years at 7.3 percent...
Five years from today, you plan to invest $4,150 for 10 additional years at 7.3 percent compounded annually. How much will you have in your account 15 years from today?
Homework Answers
The amount in my account 15 years from today will be :
So, the value at the end of 10 years is which is the same as the end of 15 years,as no investment is made in the first 5 years.
FV = PV * (1 + R)^N
= $4,150 * (1.073)^10
= $8,395.4758
= $8,395.48 ( ROUNDED OFF TO TWO DECIMAL PLACES)
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