What is the FUTURE VALUE of $500 invested for 3 years at 7% with ANNUAL Compounding...
What is the FUTURE VALUE of $500 invested for 3 years at 7% with ANNUAL Compounding rounded to the nearest penny?
Homework Answers
Answer : $ 612.52
Future Value = Investment *(1+i)^n
i=Annual interest Rate = 7%
n= Period of Investment = 3Years
Investment = $500
Future Value = $500*( 1+7%)^3 = $612.5215 (or) $612.52
Note : answer will be sensitive to the Round off factor .
I employed the formula to find out the answers. In-case of any round of the to the FV-factor. Please Use the Comment Box, for any further Clarification. thank you Very much
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