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2 August, 07:01

What is the future value of $490 per year for 9 years compounded annually at 11 percent? The future value of $490 per year for 9 years compounded annually at 11 percent is $ nothing. (Round to the nearest cent

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  1. 2 August, 09:32
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    The future value of $490 per year for 9 years compounded annually at 11 percent is $6,940.35

    Explanation:

    Giving the following information:

    Annual deposit = $490

    Number of years) 9

    Interest rate = 11%

    We have to calculate the end monetary value after 9 years. We will use the following formula:

    FV = {A*[ (1+i) ^n-1]}/i

    A = annual deposit

    FV = [490*[ (1.11^9) - 1]}/0.11 = $6,940.35
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