What is the future value of $5,200 invested for 23 years at 9.25 percent compounded annually?
A. |
$29,871.52 |
|
B. |
$51,190.07 |
|
C. |
$39,782.91 |
|
D. |
$47,433.47 |
|
E. |
$46,111.04 |
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
A=$5200*(1.0925)^23
=$5200*7.650560428
=$39782.91(Approx).
What is the future value of $5,200 invested for 23 years at 9.25 percent compounded annually?...
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