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Homework answers / question archive / You are scheduled to receive $11,413 in two years
You are scheduled to receive $11,413 in two years. When you receive it, you will invest it for 7 more years at 6.4 percent per year. How much will you have at the end of that investment period? (Round time value factors to 6 decimal places and answer to the nearest dollar amount)
Computation of the future value:-
FV = PV*(1+Rate)^n
= $11,413*(1+6.4%)^7
= $11,413*1.543801
= $17,619.40 Or $17,619
