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You are scheduled to receive $20,000 in two years. When you receive it, you will invest it for six more years at 6.8 percent per year. How much will you have in eight years?

Respuesta :

Answer:

The amount you will have in eight years is $29,679.56

Explanation:

In order to calculate the amount you will have in eight years we would have to use the following formula:

amount you will have in eight years=PV*(1+r)∧n

According to the given data:

PV=$20,000

r=6.8%

n=6

Therefore, amount you will have in eight years=$20,000*(1+6.8%)∧6

amount you will have in eight years=$29,679.56

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