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You invest $3,000 for three years at 12 percent.

a. What is the value of your investment after one year? Multiply $3,000 × 1.12.

Value of investment $

b. What is the value of your investment after two years? Multiply your answer to part a by 1.12. (Round your answer to 2 decimal places.)

Value of investment $

c. What is the value of your investment after three years? Multiply your answer to part b by 1.12. This gives your final answer. (Round your answer to 2 decimal places.)

Value of investment $

d. Confirm that your final answer is correct by going to Appendix A (future value of $1), and looking up the future value for n = 3, and i = 12 percent. Multiply this tabular value by $3,000 and compare your answer to the answer in part c. There may be a slight difference due to rounding. (Enter the answer computed using the Appendix table factor.)

Future value $

Financial Management, Finance

  • Category:- Financial Management
  • Reference No.:- M92775189

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