The Future value is:
a) $10,210.25
b) $11,220.41
c) $12,308.99
d) $18,938.90
e) $44,835.28
What is future value?
The future value (FV) of any asset can be understood as an increase in its value at a fixed rate over a period of time. For a given principal sum P, rate of interest r, and time period t, the future value of an asset can be calculated as:
FV=P*(1+r) ^t
We can find future value as shown below:
P=$8,000
t=5 year
a) r=6%=0.06
FV=8000*(1+0.05) ^5
=8000*(1.0) ^5
=$10,210.25
b) r=7%=0.07
FV=8000*(1+0.07) ^5
=8000*(1.07) ^5
=$11,220.41
c) r=9%=0.09
FV=8000*(1+0.09) ^5
=$12,308.99
d) r=9% compounded semiannually
= 0.09
t=2*5=10
FV=8000*(1+0.09) ^10
=8000*(1.09) ^10
=$18,938.90
e) r=9 percent compounded quarterly
=0.09
t=5*4=20
FV=8000*(1+0.09) ^20
=8000*(1.09) ^20
=$44,835.28
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y = 9 because 9 over 3 simplified is 3 and 3 plus 6 equals 9
