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Ainat [17]
3 years ago
8

What is the future value of $845 a year for seven years at an interest rate of 11.3 percent? $6,683.95 $6,075.69 $8,343.51 $8,00

1.38 $8,801.91?
Mathematics
2 answers:
k0ka [10]3 years ago
7 0
The future value of cash whose initial value is $845, at the rate of 11.3% for 7 years will be calculated using the compound interest rate, that is:
A=p(1+r/100)^n
where:
A=future amount
r=rate=11.3%=0.113
time=7 years
thus the future value of our cash will be:
A=845(1+0.113)^7
A=845(1.113)^7
A=$1,787.82 
vichka [17]3 years ago
6 0
<span>In 7 years, you will have $1,787.82</span>
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