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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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How can you compute the future value of a single sum?

To determine

Show the formula to compute future value of a single sum.

Explanation

Future Value of a single sum: The future value is value of single present amount (single sum) compounded at an interest rate until a particular future date. The process of converting the current period cash flow (present value) to the future value represents compounding.

Formula to compute the future value of single sum:

FV=PV×[1+i]n

(or),

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