What is the future value of $7,189 invested for 23 years at 9.25 percent compounded annually?

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asked Dec 17, 2019 217k views

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Bourne · Answer 1 · 2019-12-23T15:07:43+0000

Formula: FV = PV(1+r)^n

FV is the future value, PV is the present value (which is $7189 in our case), r is the interest (9.25%), and n is the number of periods (23)

FV = $7189(1+ 0.0925)^23 = $54999.879

What is the future value of $7,189 invested for 23 years at 9.25 percent compounded annually?

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