Answered: Casciani Company invests $61,000 today…

Casciani Company invests $61,000 today in a savings account that earns 10% compounded annually. What will be the balance in the savings account 10 years from today (e.g., future value)?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 25P

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Question

Future value

Casciani Company invests $61,000 today in a
savings account that earns 10% compounded
annually.
What will be the balance in the savings account
10 years from today (e.g., future value)?

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