Question
Asked Sep 19, 2019
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You are scheduled to receive $15,000 in two years. When you receive it, you will invest it
for six more years at 8 percent per year
Required:
How much will you have in eight years? (Enter rounded answer as directed, but do not
use rounded numbers in intermediate calculations. Round your answer to 2 decimal
places (e.g., 32.16).)
Amount
A
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You are scheduled to receive $15,000 in two years. When you receive it, you will invest it for six more years at 8 percent per year Required: How much will you have in eight years? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) Amount A

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Expert Answer

Step 1

Given,

Money Received after 2 years and Present Value of the investment for 6 years (PV) = $15,000

Time Period (nper) = 6 years

Interest Rate = 8%

 

Calculation of mone...

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=FV FV(rate, nper, pmt, [pv], [type]) |-=FV(8%,6,-15000) $23,803.11

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