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Maurinko [17]
3 years ago
5

You are scheduled to receive $16,000 in two years. when you receive it, you will invest it for eight more years at 9.25 percent

per year. how much will you have in ten years?
Mathematics
1 answer:
Lunna [17]3 years ago
8 0

I will have $32 470.69 in 10 yr.

I am not investing until 2 yr from now so, in 10 yr time, I will have invested for only 8 yr.

The formula for the future value (FV) of my investment is

FV = <em>C</em>(1 + <em>r</em>)^<em>n</em>

where <em>C</em> = my initial cash

<em>r</em> = the interest rate

<em>n</em> = the number of years

FV = $16 000(1.0925)^8 = $32 470.69

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