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Marat540 [252]
2 years ago
5

Calculate the future value of $7,000 in four years at an interest rate of 8% per year.

Business
1 answer:
OLga [1]2 years ago
4 0

The Future value is $9523.42. Future value is the amount of money that, when invested now at an interest rate, will eventually grow to be.

<h3>What is the Future Value of Money?</h3>

Future value is the amount of money that, when invested now at an interest rate, will eventually grow to be.

Calculation of Future value

Present Value = $7,000     interest rate = 8%     Time = 4 years

FV = Future Value                PV = Present Value

FV=PV(1+i)ⁿ

FV= 7,000(1+0.8)⁴= $9,523.42

Thus, the Future Value of $7,000 for four years is $9523.42.

Learn more about Future Value here:

brainly.com/question/14860893

#SPJ1

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