In 2009, Mark spent $9,500 on his health care. If this amount increased by 6 percent per

Question:

In 2009, Mark spent $9,500 on his health care. If this amount increased by 6 percent per year, what would be the amount Mark will spend in 2019? (Hint: use the compounded sum table in Chapter 1).
Future Value
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...