Thursday

October 23, 2014

October 23, 2014

Posted by **MONICA** on Wednesday, November 23, 2011 at 1:34pm.

What is the future value?

Ok found I think I found the interest

900x0.075=67.50 is this correct.Now I need help in finding the future value.

- ALGEBRA -
**Lee**, Wednesday, November 23, 2011 at 2:03pmYes, r=.075 x $900 = interest is $67.50

***************************************

r=.075 P=900

1 yr P+rP

or P(1+r) or 900(1+.075) = $967.50

2 yr (P+rP) + r(P+rP)

or P(1+r)^2 or 900(1+.075)^2 = $1040.06 in 2 years

So for future years the formula would be P(1+r)^x where x=number of years

- ALGEBRA -
**MONICA**, Wednesday, November 23, 2011 at 2:42pmThanks Lee

**Answer this Question**

**Related Questions**

ALGEBRA - If the principal P = $900, the rate r = 4 1 2 %, and time t = 1 year, ...

ALGEBRA - If the principal P = $900, the rate r = 7 1/2 %, and time t = 1 year, ...

math- algebra - If the principal P = $900, the rate r = 4 1/2, and time t = 1 ...

Math - If the principal P = $900, the rate r = 5 1/2 %, and time t = 1 year, ...

ALGEBRA - If the principal P = $700, the rate r = 6 1 2 %, and time t = 1 year, ...

ALGEBRA - If the principal P = $500, the rate r = 5 1 2 %, and time t = 1 year, ...

math - If the principal P = $700, the rate r = 8 1 2 %, and time t = 1 year, ...

math - the total amount of interest on this loan of $6000 for 150 days is $210....

math - The amount of money in an account with continuously compounded interest ...

algebra - The amount of money in an account with continuously compounded ...