Find the Future Value in 24 years of $8443 to be invested today if you can...

Question

Question

Find the Future Value in 24 years of $8443 to be invested today if you can earn a rate of return of 7.32%. (round to the nearest cent)

Answer 1

Answer #1

We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.

Hence

A=$8443(1+7.32/100)^24

=$8443*5.449240001

which is equal to

=$46007.93(Approx).

Answer 2

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