For each of the following, compute the future value (Do not round intermediate calculations and round your answers to 2 decimal places, e.g, 32.16.) Present Value Years Interest Rate Future Value 2,328 7.513 11 13% 74,381 14 12 192,060 16
For each of the following, compute the future value (Do not round intermediate calculations and round your answers to 2 decimal places, e.g, 32.16.) Present Value Years Interest Rate Future Value 2,328 7.513 11 13% 74,381 14 12 192,060 16
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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![For each of the following, compute the future value (Do not round intermediate calculations and round your answers to 2 decimal
places, e.g, 32.16.):
Present Value
Years
Interest Rate
Future Value
2,328
11
13 %
7.513
74,381
14
12
192.050
16](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F57d08e19-7ed9-4914-b737-177e31d8f04d%2Fe684d02f-f344-4b5c-80f3-86220797adad%2Fkr5x22q_processed.jpeg&w=3840&q=75)
Transcribed Image Text:For each of the following, compute the future value (Do not round intermediate calculations and round your answers to 2 decimal
places, e.g, 32.16.):
Present Value
Years
Interest Rate
Future Value
2,328
11
13 %
7.513
74,381
14
12
192.050
16
Expert Solution
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Step 1
Future Value(FV) refers to the accumulated or compounded value of a sum at future date which is determined by adding interest over periods. It is determined by taking product of current sum and relevant compounding factor.
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