Assume you invest $15,000 today. How much will you have in five years at an interest rate of 10%? Future Value of $1: 8% 9% 10% 1 1.080 1.090 1.100 2 1.166 1.188 1.210 3 1.260 1.295 1.331 4 1.360 1.412 1.464 5 1.469 1.539 1.611 6 1.587 1.677 1.772 A. $24,165 B. $23,085 C. $21,960 D. $26,580
Assume you invest $15,000 today. How much will you have in five years at an interest rate of 10%? Future Value of $1: 8% 9% 10% 1 1.080 1.090 1.100 2 1.166 1.188 1.210 3 1.260 1.295 1.331 4 1.360 1.412 1.464 5 1.469 1.539 1.611 6 1.587 1.677 1.772 A. $24,165 B. $23,085 C. $21,960 D. $26,580
Chapter1: Understanding Personal Finance
Section1.4: Perform Time Value Of Money Calculations
Problem 3CC
Related questions
Question
Assume you invest
$15,000
today. How much will you have in five years at an interest rate of 10%? Future Value of $1:
|
8%
|
9%
|
10%
|
1
|
1.080
|
1.090
|
1.100
|
2
|
1.166
|
1.188
|
1.210
|
3
|
1.260
|
1.295
|
1.331
|
4
|
1.360
|
1.412
|
1.464
|
5
|
1.469
|
1.539
|
1.611
|
6
|
1.587
|
1.677
|
1.772
|
$24,165
$23,085
$21,960
$26,580
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
PFIN (with PFIN Online, 1 term (6 months) Printed…
Finance
ISBN:
9781337117005
Author:
Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:
Cengage Learning