Question

If you invested $1 today an interest rate of 7%, and the interest compounded annually, how much would your dollar be worth in 5 years? Round your answer to two decimal places. show work with excel use control ~

Answer #1

Present Value | $ 1.00 | ||

Rate | 7% | ||

Years | 5 | years | |

Compounding period per year | 1 | ||

FV(rate,nper,pmt,pv) | |||

Future Value= | FV(7%,5,0,-1) | ||

Future Value= | $ 1.40 | ||

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