Answered

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What is the future value in 60 years of $7,440 invested today at 9 percent interest, compounded annually

Sagot :

The future value of the amount invested is $1,309,672.81.

What is the future value?

When an investment is compounded annually, it means that the amount invested increases in value once a year.

The formula that can be used to determine future value is:

FV = P (1 + r)^nm

  • FV = Future value
  • P = Present value
  • R = interest rate
  • m = number of compounding
  • N = number of years

$7440 x (1.09)^60 = $1,309,672.81

To learn more about future value, please check: https://brainly.com/question/18760477

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