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Kimberly Ford invested $5,500 15 years ago at 11 percent. How much has she accumulated?

Kimberly Ford invested $5,500 15 years ago at 11 percent. How much has she accumulated?

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Answer #1

Kimberly Ford has accumulated $26,315

To calculate future value, we use FV function in excels. The FV function returns the future value of the present value today, which has a particular rate of interest

=FV (rate, nper, pmt, [pv], [type])

rate: Interest rate per period
nper: total number of of payments period
pmt: amount paid each period
pv - present value for which future value needs to be calculated. As present value is a cash outflow we use – sign.
type - [optional] When the payment is end of period, by default option is 0. In case the payment is at stat of the period enter 1.

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