Answered: What is the future value of $6700 a…

What is the future value of $6700 a year for 30 years at 10.5 percent interest, compounded annually? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA3: Time Value Of Money

Section: Chapter Questions

Problem 3CE

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Concept explainers

Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.

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What is the future value of $6700 a year for 30 years at 10.5 percent interest, compounded annually?

(Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

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