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Calculate the future value of an investment of $463 for 10 years earning an interest of 9%? (Round your answers to 2 decimal places.)

1 Answer

4 votes

Answer:

$1,096.09

Step-by-step explanation:

The computation of the future value by using the following formula is shown below:

As we know that

Future value = Present value × (1 + interest rate)^number of years

= $463 × (1 + 0.09)^10

= $463 × 2.367363675

= $1,096.09

We simply applied the above formula so that the future value could arrive and the same is to be considered

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