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Vsevolod
2 months ago
8

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 $8,00

1.38 $8,801.91?
Mathematics
2 answers:
lawyer [12.5K]2 months ago
7 0
To determine the future value of an initial amount of $845 at an interest rate of 11.3% over 7 years, we will utilize the compound interest formula, which is expressed as:
A=p(1+r/100)^n
where:
A=future value
r=rate=11.3%=0.113
time=7 years
Hence, the future value of the capital will be:
A=845(1+0.113)^7
A=845(1.113)^7
A=$1,787.82 
lawyer [12.5K]2 months ago
6 0
<span>After 7 years, you will have $1,787.82</span>
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