What is the value of $40,000 in 22 years at an 8% interest? (round to the nearest dollar)
What is the value of $40,000 in 22 years at an 8% interest? (round to the nearest dollar)
Homework Answers
FV = PV (1+r)^n
r is int rate per anum
n is no.of Years
FV = PV (1+r)^n
= $ 40,000 (1+0.08)^22
= $ 40,000 (1.08)^22
= $ 40,000 * 5.4365
= $ 217,462
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What is the value of $40,000 in 22 years at an 8% interest? (round to the nearest dollar)
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