Calculate the future value of a deposit of 100000 dollars co

Calculate the future value of a deposit of 10,0000 dollars compunded annually at an interest rate of 10% over 28 years

Solution

Given:

Present Deposit Amount = $ 10,000

Interest Rate = 10%

Period of Deposit = 28 years

Value of deposit is compounded annually

Future value is calculated as follows:

FV = $10,000 ( 1+0.01)²⁸

FV= $ 144,209.94