For each of the following, compute the future value: (Do not round intermediate calculations and round...

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Question

For each of the following, compute the future value: (Do not round intermediate calculations and round your answers to 2 deci

business finance

Answer 1

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Answer #1

Future value is the value of current investment on future date calculated using the rate of interest.

Future value = I*(1+r)^t

where I = Initial investment

r = rate of interest

t = no. of years

1. Future value = 2,150*(1+0.13)^11 = $8,247.10

2. Future value = 8,552*(1+0.09)^7 = $15,633.39

3. Future value = 74,355*(1+0.12)^14 = $363,381.23

4. Future value = 181,796*(1+0.06)^8 = $289,755.20

Answer 2

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