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.
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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.
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