You are scheduled to receive $11,413 in two years

Finance Oct 08, 2020

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)

Expert Solution

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

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