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15-07-2020
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What is the future value of $1,575 a year for 25 years at 6.3 percent interest, compounded annually? A.$92,006.08 B.$91,315.09 C.$76,919.04 D.$90,152.04 E.$72,545.78

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ewomazinoade ewomazinoade

16-07-2020

Answer:

$90,152.04

Explanation:

The formula for calculating future value = A (B / r)

B = [(1 + r) n] - 1

FV = Future value

P = Present value

R = interest rate

N = number of years

$1,575[(1.063)^25 - 1 / 0.063] = $90,152.04

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