You are scheduled to receive $11,000 in two years. When you receive it, you will

Question

You are scheduled to receive $11,000 in two years. When you receive it, you will invest it for six more years at 6.3 percent per year. How much will you have in eight years? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

You are scheduled to receive $11,000 in two years. When you receive it, you will invest it for six more years at 6.3 percent per year. How much will you have in eight years? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

Explanation / Answer

You are scheduled to receive $11,000 in two years. When you receive it, you will invest it for six more years at 6.3 percent per year. How much will you have in eight years? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

Future Value = 11000*1.063^6

Future Value = $ 15,870.56

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