Without referring to the preprogrammed function on your financial calculator, us

Question

Without referring to the preprogrammed function on your financial

calculator,

use the basic formula for future value along with the given interest rate,

r,

and the number of periods,

n,

to calculate the future value of $1 in the case shown in the following table.(Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.)

Interest rate, r

Number of periods, n

6%

10

The future value of $1 is

$.

(Round to three decimal places.)

Interest rate, r

Number of periods, n

6%

10

Explanation / Answer

Future Value = Present Value * (1+rate)t Future Value = 1 * (1+0.06)10 Future Value = 1 * 1.791 Future Value = 1.791

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