What is the future value at the end of year 9 of an investment that starts...
What is the future value at the end of year 9 of an investment that starts at $3,300 and grows by 8.6% per year for 9 years. ($3,300 is invested at the end of year 1). The interest rate is 10.1% compounded annually
Homework Answers
Future value of geometric series = A * [(1+i)^n - (1+g)^n] / (I-g)
Future worth = 3300 * [(1+0.101)^9 - (1+0.086)^9] / (0.101-0.086)
= 3300 * [(1.101)^9 - (1.086)^9] / 0.015
= 3300 * 18.407019
= 60743.16
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