For each of the following, compute the future value (Enter rounded answers as di

Question

For each of the following, compute the future value (Enter rounded answers as directed, but do not use rounded numbers in intermediate calculations. Round your answers to 2 decimal places (e.g., 32.16)):

For each of the following, compute the future value (Enter rounded answers as directed, but do not use rounded numbers in intermediate calculations. Round your answers to 2 decimal places (e.g., 32.16)):

For each of the following, compute the future value (Enter rounded answers as directed, but do not use rounded numbers in intermediate calculations. Round your answers to 2 decimal places (e.g. 32.16)): Present Value Years Interest RateFuture Value 18% 10 2,550 9,653 101,305 239,382 21 14i 27

Explanation / Answer

Future value = Present value / (1+ r)^n

1. present value = $2550 , n = 8 years , r = 18%

future value = 2550 / (1+ 18% )^8 = $9,585.09

2. Present value = $9653 , n = 21 years , r = 10%

Future value = 9653 / (1+ 10% ) ^21 = $71,434.61

3. present value = $101,305 , n = 15 years , r = 11%

Future value = $101,305 / (1+ 11% ) ^15 = $484,702.83

4. Present value = $239,382 , n = 27 years , r = 5 %

future value = $239,382 / (1+ 5%) ^27 = $893,722.24

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