The future value of 1000 with annual compounding for 10 years is $1967.15.
The formula for calculating with annual compounding is:
FV = P (1 + r)^n
- FV = Future value
- P = the amount deposited
- R = interest rate
-
N = number of years
1000 x (1.07)^10 = $1967.15
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Let x be the number of members in Daniel's tennis team.
The amount made = $582.85
Expenses (food and drinks) = $64
Balance remaining for sharing = 582.85 - 64 = $518.85
Amount received by each player = (amount made - Expenses) / Number of members = 518.85/x