Question

If you invest $9,200 per period for the following number of periods, how much would you have in each of the following instances? Use Appendix C for an approximate answer, but calculate your final answer using the formula and financial calculator methods. a. In 10 years at 7 percent? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

Answer 1

future value = $18097.80

Explanation:

given data

invest = $9,200

time = 10 years

rate = 7 percentage

to find out

Future value

solution

we get here future value

future value = invested ×
`(1+r)^(t)` ...................1

put her value we get

future value = $9200 ×
`(1+0.07)^(10)`

future value = $9200 × 1.96715

future value = $18097.80