How much is the future value on this financial transaction, P=10,000.00,r=5%,and t=3 years?
1 answer:
Answer:
A= $11500
Step-by-step explanation:
Step one:
given data
P=10,000.00
r=5%,and
t=3 years
Required
The final amount A
Step two:
assuming a simple interest we have
A= P(1+rt)
substitute
A= 10000(1+0.05*3)
A= 10000(1+0.15)
A=10000(1.15)
A=$11500
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