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What is the future value or worth of $10000 invested in a fund that has an...

What is the future value or worth of $10000 invested in a fund that has an interest rate of 5.5% compounded over a period of 5 years? Give your value in dollars only and do not type in units.

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Answer #1

Compute the future value of investment, using the equation as shown below:

Future value = Present value*(1 + Rate)^Time

                     = $10,000*(1 + 0.055)^5

                     = $10,000*1.3069600064

                     = $13,069.600064

Hence, the future value of investment is $13,069.600064.

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