What will $248,000 grow to be in 12 years if it is invested today in an account with an annual interest rate of 15%? $1,326,862.03 $1,061,489.62 $1,764,726.49 $1,502,007.81 $2,202,590.96
What will $248,000 grow to be in 12 years if it is invested today in an account with an annual interest rate of 15%? $1,326,862.03 $1,061,489.62 $1,764,726.49 $1,502,007.81 $2,202,590.96
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 6MC: You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years....
Related questions
Question
please help
Expert Solution
Step 1
Future Value = P(1+r/n)^nt Where P = Principal = $248,000 R = Rate on interest = 15% N = number of times interest applied per time period =1 T= Time = 12 Years |
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College