What is the future value of $7,189 invested for 23 years at 9.25 percent compounded annually?

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11-04-2018
Business

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What is the future value of $7,189 invested for 23 years at 9.25 percent compounded annually?

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togbadoya togbadoya · Answer 1 · 2018-04-13T19:30:50+02:00

togbadoya togbadoya

13-04-2018

Formula: FV = PV(1+r)^n

FV is the future value, PV is the present value (which is $7189 in our case), r is the interest (9.25%), and n is the number of periods (23)

FV = $7189(1+ 0.0925)^23 = $54999.879

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