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Finding Future Value Looking for the spending power of these amount in 45 years How much will $1,000,000
Finding Future Value
Looking for the spending power of these amount in 45 years
How much will $1,000,000.00 be worth in 2066?
How much will $53,000 be worth in 2066?
Expert Solution
Computation of Future Value:
Future Value = Present Value*(1+Rate)^Time
= $100,000*(1+6%)^45
= $100,000*13.7646
Future Value = $1,376,461.08
Computation of Future Value:
Future Value = Present Value*(1+Rate)^Time
= $53,000*(1+6%)^45
= $53,000*13.7646
Future Value = $729,524.37
Note: You have not provided interest rate. So, I have assumed 6% interest rate.
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