**Calculate, to the nearest cent, the future value $ FV $ (in dollars) of an investment of $10,000 at the stated interest rate after the stated amount of time.**Interest Rate: 7% per year, compounded daily (assume 365 days/year), after 9 years**Formula:**\[ FV = S \times \left(1 + \frac{r}{n}\right)^{nt} \]Where:- $ S $ is the principal amount ($10,000),- $ r $ is the annual interest rate (0.07),- $ n $ is the number of times interest is compounded per year (365),- $ t $ is the time in years (9).**Need Help?**- [Read It]- [Watch It]**Submit Answer** **[Viewing Saved Work] [Revert to Last Response]**(Note: The input box for the future value $ FV $ is shown as incorrect with a red cross next to it, indicating an error in a previous attempt.)

Given:PV=$10,000r=7%=7100=0.07t (number of years)=9n (number of compounding)=365 (daily)

Calculate, to the nearest cent, the future value FV (in dollars) of an investment of $10,000 at the stated interest rate after the stated amount of time. 7% per year, compounded daily (assume 365 days/year), after 9 years FV = $ Need Help? Watch It Read It

Calculate, to the nearest cent, the future value FV (in dollars) of an investment of $10,000 at the stated interest rate after the stated amount of time. 7% per year, compounded daily (assume 365 days/year), after 9 years FV = $ Need Help? Watch It Read It

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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