Question

1,000 after 6 years at an interest rate of 11.5% is round up to the nearest cent

Answer 1

The future worth (F) of the current or present investment (P) that has a compounded interest (i) is calculated through,
F = P x (1 + i)^n
where n is the number of years. Substituting the known values,
1,000 = P x (1 + 0.115)^6
The value of P in the equation is approximately $520.42.