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nignag [31]
3 years ago
6

A. Find the FV of $1,000 invested to earn 10% annually 5 years from now. Answer this question by using a math formula and also b

y using the Excel function wizard,
Inputs: PV = 1000
I/YR = 10%
N = 5
Formula: FV = PV(1+I)^N =
Wizard (FV): $1,610.51

Business
1 answer:
vekshin13 years ago
6 0

Answer:

$1,610.51 (in both calculation)

Explanation:

1. Using Math formula,

We know, Future value, FV = PV × (1 + i)^{n}

Given,

Present Value, PV = $1,000

Interest, i = 10% = 0.10

Number of periods, n = 5 years

Putting the values in the formula, we can get,

Future value, FV = PV × (1 + i)^{n}

FV = $1,000 × (1 + 0.10)^{5}

or, FV = $1,000 × 1.61051

Therefore, FV = $1,610.51

2. Using excel formula,

See the image below:

We have to use present value as negative so that the result should be used as positive.

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