You invest $3,000 for three years at 12 percent. a. What is the value of your investment
Question:
You invest $3,000 for three years at 12 percent.
a. What is the value of your investment after one year? Multiply $3,000 × 1.12.
b. What is the value of your investment after two years? Multiply your answer to part a by 1.12.
c. What is the value of your investment after three years? Multiply your answer to part b by 1.12. This gives your final answer.
d. Combine these three steps by using the formula 
to find the future value of $3,000 in 3 years at 12 percent interest.
Future value (FV) is the value of a current asset at a future date based on an assumed rate of growth. The future value (FV) is important to investors and financial planners as they use it to estimate how much an investment made today will be worth...
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a b c d Calculator Solution d N IY PV PMT FV 3 12 3000 0 CPT FV 421478 42...View the full answer
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Related Book For 
Foundations of Financial Management
ISBN: 978-1259277160
16th edition
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen
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