Question

Anyone..anyone PLEASE help me. I’m trying to solve this question of Future Values: You will have $_____ in six years if you set aside $5,000 at 8%.

Answer 1

7934.35

Step-by-step explanation:

Believe.

Answer 2

$7, 934.37

Step-by-step explanation:

For future values, the compound interest formula is applied. The formula is as below,

FV = PV × (1+r)n

In this case

PV = 5000

r = 8% or 0.08

n = 6 years

FV = 5000 x ( 1 + 0.08)6

FV= 5000 x 1.586874322

FV= $7, 934.37