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solmaris [256]
3 years ago
7

What is the future value of $15,000 received today if it is invested at 7.5% compounded annually for five years

Business
1 answer:
Firlakuza [10]3 years ago
6 0

Answer:

the future value is $21,534.44

Explanation:

The computation of the future value is shown below:

As we know that

Future value = Present value × (1 + interest rate)^number of years

where,  

Present value is $15,000

The Interest rate is 7.5%

And, the number of the year is 5 years

Now put these values to the above formula

So, the future value is  

= $15,000 × (1 + 0.075)^5

= $21,534.44

Hence, the future value is $21,534.44

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