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30 April, 07:00

What is the future value of $845 a year for seven years at an interest rate of 11.3 percent? $6,683.95 $6,075.69 $8,343.51 $8,001.38 $8,801.91?

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  1. 30 April, 08:32
    0
    In 7 years, you will have $1,787.82
  2. 30 April, 08:34
    0
    The future value of cash whose initial value is $845, at the rate of 11.3% for 7 years will be calculated using the compound interest rate, that is:

    A=p (1+r/100) ^n

    where:

    A=future amount

    r=rate=11.3%=0.113

    time=7 years

    thus the future value of our cash will be:

    A=845 (1+0.113) ^7

    A=845 (1.113) ^7

    A=$1,787.82
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