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An investor deposits $2,000 per year (beginning today) for 10 years in a 4% interest bearing account. The last cash flow is received 1 year prior to the end of the tenth year. What is the investor's future balance after 10 years?

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abiolataiwo2015

Answer:

$24,012.21

Explanation:

Calculation for What is the investor's future balance after 10 years

Using financial to find the FV which represent future value

N 10 years

I/Y 4%

PV 0

PMT $2,000 per year

FV ?

Hence:

FV = $24,012.21

Therefore the investor's future balance after 10 years will be $24,012.21

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