In the early 1900s, Henry Ford introduced a a. high-wage policy, and this policy produced none of the effects predicted by effic
1 answer:
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Answer:
$1,610.51 (in both calculation)
Explanation:
1. Using Math formula,
We know, Future value, FV = PV ×
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 ×
FV = $1,000 ×
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.
