What is the future value (FV) of $60,000 in thirty years, assuming the interest rate is 4% per year?
a. $39,000
b. $165,413
c. $194,604
d. $175,143
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=$60,000*(1.04)^30
=$60,000*3.24339751
=$194,604(Approx).
What is the future value (FV) of $60,000 in thirty years, assuming the interest rate is 4% per year? a. $39,000 b. $165,...
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