Given below are the future value factors for 1 at 10% for one to five periods. Interest is compounded annually at 10%. Periods Future Value of 1 at 10% 1 1.100 2 1.210 3 1.331 4 1.464 5 1.611 If $ 16200 is deposited in a savings account today, what amount will be available three years from today? $ 16200 × 1.100 × 3 ($ 16200 × 1.100) + ($ 16200 × 1.210) + ($ 16200 × 1.331) $ 16200 × 1.331 $ 16200 ÷ 1.331
Given below are the future value factors for 1 at 10% for one to five periods. Interest is compounded annually at 10%. Periods Future Value of 1 at 10% 1 1.100 2 1.210 3 1.331 4 1.464 5 1.611 If $ 16200 is deposited in a savings account today, what amount will be available three years from today? $ 16200 × 1.100 × 3 ($ 16200 × 1.100) + ($ 16200 × 1.210) + ($ 16200 × 1.331) $ 16200 × 1.331 $ 16200 ÷ 1.331
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
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Chapter4: Managing Your Cash And Savings
Section: Chapter Questions
Problem 7FPE: Calculating interest earned and future value of savings account. If you put 6,000 in a savings...
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Given below are the future value factors for 1 at 10% for one to five periods. Interest is compounded annually at 10%.
Periods |
Future Value of 1 at 10% |
|
1 |
1.100 |
|
2 |
1.210 |
|
3 |
1.331 |
|
4 |
1.464 |
|
5 |
1.611 |
If $ 16200 is deposited in a savings account today, what amount will be available three years from today?
- $ 16200 × 1.100 × 3
- ($ 16200 × 1.100) + ($ 16200 × 1.210) + ($ 16200 × 1.331)
- $ 16200 × 1.331
- $ 16200 ÷ 1.331
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