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6 August, 20:28

Determine the future amount if $240,000 is to be received 5 years from today, at 10 percent annual interest.

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  1. 6 August, 20:54
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    The future value of a given amount of money at a simple interest rate r% after t years is given by the formula: FV = PV (1 + rt), where PV is the present value of the money, r is the rate and t is the time.

    FV = PV (1 + rt)

    FV = 240000 (1 + 0.1 x 5)

    FV = 240000 (1 + 0.5)

    FV = 240000 (1.5)

    FV = 360,000

    Therefore, the future amount of $240,000 received 5 years from today at 10 percent annual interest is $360,000
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