Question
You invest $3,100 for three years at 8 percent. a. What is the value of your investment after one year? Multiply $3,100 1.08. b. What
You invest $3,100 for three years at 8 percent.
a. What is the value of your investment after one year? Multiply $3,100 1.08.
b. What is the value of your investment after two years? Multiply your answer to part a by 1.08. (Round your answer to 2 decimal places.)
c. What is the value of your investment after three years? Multiply your answer to part b by 1.08. This gives your final answer. (Round your answer to 2 decimal places.)
d. Combine these steps using the formula FV = PV (1 + i)n to find the future value of $3,100 in 3 years at 8 percent interest. (Round your answer to 2 decimal places.)
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Information Systems Control And Audit
Authors: Et Al. Hyo-Jeong Kim, Michael Mannino, Compiled By Koros Press Editorial Board
1st Edition
1781639426, 978-1781639429
