For each of the following compute the future value Do not ro

For each of the following, compute the future value: (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Present Value Years Interest Rate Future Value $2,550 13% 9,352 7 82,355 4 12 189,796 8

Solution

Present value

Years

Interest rate

Future Value

Future Value = Present Value*(1+Interest Rate)^Years

$2,550.00

11

13%

$9,781.45

=2550*(1+13%)^11

$9,352.00

7

9%

$17,095.82

=9352*(1+9%)^7

$82,355.00

14

12%

$402,478.13

=82355*(1+12%)^14

$189,796.00

8

6%

$302,505.99

=189796*(1+6%)^8

Present value	Years	Interest rate	Future Value	Future Value = Present Value*(1+Interest Rate)^Years
$2,550.00	11	13%	$9,781.45	=2550*(1+13%)^11
$9,352.00	7	9%	$17,095.82	=9352*(1+9%)^7
$82,355.00	14	12%	$402,478.13	=82355*(1+12%)^14
$189,796.00	8	6%	$302,505.99	=189796*(1+6%)^8