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andreyandreev [35.5K]
3 years ago
10

You are scheduled to receive $35,000 in two years. When you receive it, you will invest it for 6 more years at 7 percent per yea

r. How much will you have in 8 years?
Business
1 answer:
bazaltina [42]3 years ago
4 0

Answer:

$52,526

Explanation:

In two years i have $35,000.

the amount  invested thus the Principle amount is  $35,000

Pv = $35,000

r = 7 %

PMT = $0

n = 6

Fv = ?

Note that The 8 th year is the sixth year of this investment.

FV = PV × (1 + r) n

     = $35,000 × ( 1 + 0.07) 6

     = $52,525.56

     = $52,526

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