Answers
a.
Calculate future value as follows:
Future value = present value*(1+rate)^years
Future value = $7,000*(1+4.5%)^5
Future value = $8,723.27
____________________________
b.
Calculate future value as follows:
Future value = present value*(1+rate)^years
Future value = $7,000*(1+8%)^5
Future value = $10,285.30
_________________________
c.
Calculate future value as follows:
Future value = present value*(1+rate)^years
Future value = $7,000*(1+15%)^5
Future value = $14,079.50
_______________________
d.
Calculate future value as follows:
Future value = present value*(1+rate)^years
Future value = $7,000*(1+22%)^5
Future value = $18,918.96
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