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Find the future value one year from now of a $7,000 investment at a 3 percent annual compound interest rate
Find the future value one year from now of a $7,000 investment at a 3 percent annual compound interest rate. Also calculate the future value if the investment is made for two years.
Show your work including Variables and Formulas. Be as detailed as possible.
Expert Solution
| Future value = present value*(1+ rate)^time |
| Future value = 7000*(1+0.03)^1 |
| Future value = 7210 |
| Using Calculator: press buttons "2ND"+"FV" then assign |
| PV =-7000 |
| I/Y =3 |
| N =1 |
| PMT = 0 |
| CPT FV |
| Using Excel |
| =FV(rate,nper,pmt,pv,type) |
| =FV(0.03,1,,-7000,) |
| Future value = present value*(1+ rate)^time |
| Future value = 7000*(1+0.03)^2 |
| Future value = 7426.3 |
| Using Calculator: press buttons "2ND"+"FV" then assign |
| PV =-7000 |
| I/Y =3 |
| N =2 |
| PMT = 0 |
| CPT FV |
| Using Excel |
| =FV(rate,nper,pmt,pv,type) |
| =FV(0.03,2,,-7000,) |
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