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Joshua Kelly estimates that taking some classes would result in earning $8,800 more a year for the next 30 years.
Based on an annual interest rate of 10 percent, calculate the future value of these classes. (Round time value factor to 3 decimal places and final answer to 2 decimal places.)

Respuesta :

Answer:

$1,447,547.40

Explanation:

Data provided in the question

Amount = $8,800

Time period = 30 years

Annual interest rate = 10%

The computation of the future value is shown below:

Future value = Amount × (1 ÷ interest rate) × {(1 + interest rate)^number of years - 1}

= $8,800 × (1 ÷ 0.10) × {(1 + 0.10)^30 - 1}

= $8,800 × 164.494

= $1,447,547.40

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