Math word problem for school question

Business & Finance
Tutor: None Selected Time limit: 1 Day

invest 400 a year for 14 years at 10% annually what is future value, 13,100 , 12,709, 12,309, 14,000

May 30th, 2015

FV=PV*(FV factor for n=14, i=10%)

    FV=400*14*10/100

The formula for annual compound interest is A = P (1 + r/n) ^ nt:

Where:

A = the future value of the investment/loan, including interest
P = the principal investment amount (the initial deposit or loan amount)
r = the annual interest rate (decimal)
n = the number of times that interest is compounded per year
t = the number of years the money is invested or borrowed for

A=400(1+0.1/14)^14*14

=127009

May 30th, 2015

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