Given an interest rate of 9 percent, compute the year 6 future value if deposits of $3,000 and $4,000 are made in years 2 and 3, respectively, and a withdrawal of $975 is made in year 5. (Do not round intermediate calculations and round your final answer to 2 decimal places.)
Find Future Value
Please answer correctly. Thank you!
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=3000*(1.09)^4+4000*(1.09)^3-975*(1.09)
which is equal to
=$8352.11(Approx).
Given an interest rate of 9 percent, compute the year 6 future value if deposits of $3,000 and $4,000 are made in years...
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