If you invest $8,000 at 12% interest, how much will you have in 7 years?
Does the interest compound? How often?
Is 12% the yearly interest?
N-84 (7*12)
I\Y-12%
P\Y-1
C\Y-1
PV-(8000)
PMT-0
FV-108,994,326
I think you do it this way but the number is too big...
To calculate the future value of an investment, you can use the formula:
Future Value = Initial Investment * (1 + Interest Rate)^Time
In this case, the initial investment is $8,000, the interest rate is 12%, and the time is 7 years. Let's plug these values into the formula:
Future Value = $8,000 * (1 + 0.12)^7
First, we need to calculate the value inside the parentheses:
(1 + 0.12) = 1.12
Next, we raise 1.12 to the power of 7:
1.12^7 ≈ 1.9487171
Now, we can calculate the future value:
Future Value = $8,000 * 1.9487171
Future Value ≈ $15,589.74
Therefore, if you invest $8,000 at a 12% interest rate for 7 years, you will have approximately $15,589.74.