Answered

Westonci.ca offers quick and accurate answers to your questions. Join our community and get the insights you need today. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.

What is the future value of $10,000 deposited today in a bank account that pays 7.1% interest rate after 5 years?

Sagot :

Answer:

Future value = $14090

Explanation:

Below is the given values:

Present value of deposits = $10000

Interest rate = 7.1%

Time period = 5 years

Future value = Present value (F/P, r, n)

Future value = 10000 (F/P, 7.1%, 5)

Future value = 10000 x 1.409

Future value = $14090

We appreciate your time on our site. Don't hesitate to return whenever you have more questions or need further clarification. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Stay curious and keep coming back to Westonci.ca for answers to all your burning questions.