For each of the following, compute the future value (Enter rounded answers as di

Question

For each of the following, compute the future value (Enter rounded answers as directed, but do not use rounded numbers in intermediate calculations. Round your answers to 2 decimal places (e.g., 32.16)):

Present Value     Years      Interest Rate     Future Value

$ 3,000                    9                   14 %       $

8,753                     22                    9            $

92,305                    16                    7             $

230,382                   26                   5              $

Explanation / Answer

Future Value = Present Value*(1+i)n Present Value ($) Years Interest Rate (%) Future Value ($) 3,000.00 9 14.00 9,755.85 8,753.00 22 9.00 58,282.73 92,305.00 16 7.00 272,499.47 230,382.00 26 5.00 819,162.99

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