Answered: Calculate, to the nearest cent, the…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Question

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.

1% per year, compounded annually, after 13 years

FV = $

Expert Solution

Step 1

The future value formula is given by $F V = P V {(1 + r)}^{n}$ , where PV is the present value, r is the rate of interest and n is the number of periods.

The present value is given as PV=$10,000.

The interest rate is r=1%=0.01 and the time period is 13 years(compounded annually). So, n=13.

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