Loans

Math and Arithmetic

Mathematical Finance

Algebra

454647

Top Answer

The future value (FV) of $10,000 at 5% interest for 7 years follows the following formula: 10,000 (1+.05)^7 = 10,000 * 1.41 = $14,100

๐

0๐คจ

0๐ฎ

0๐

0I'll do it both ways since you do not specify whether it is simple of compound interest. FV = P + PRT 10000 = P + P(.03)(20) 10000 = P(1 + 0.60) 10000 = 1.6P 6250 = P Check 6250 * .03 * 20 = 3750 + 6250 = 10000 โ FV = P + P(1+R)T 10000 = P + P(1.03)20 10000 = P + P(1.80611) 10000 = 2.80611*P 3563.65 = P Check 3563.25 + 3563.25(1.03)20 3563.25 + 3563.25*1.80611 3563.25 + 6436.35 9999.70 (Rounding error) โ

Trending Questions

How do you get 1000000 robux for free?

How do you spell water with 3 letters?

Give me food and I will live give me water and I will die what am I?

A teacher walks into the Classroom and says If only Yesterday was Tomorrow Today would have been a Saturday Which Day did the Teacher make this Statement?

How old is Danielle cohn?

Unanswered Questions

WHAT IS THE EXPECTATION ON THE SUBJECT NSTP AND TO THE INSTRUCTOR AND CLASSMATE?

Ano ang kahulugan ng iskolarling pagpapahayag?

Which of the following statements is true about storing classified documents?

What is the benefit of analyzing the market and alternative industries before individual securities?

Is Sabrina Carpenter related to Hayden Panettiere?

Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.