SOLUTION: in finance, the future value of a single sum formula is useful when you want to know how much a given amount of your money will be worth at a given date in the future. The future v
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Question 983668: in finance, the future value of a single sum formula is useful when you want to know how much a given amount of your money will be worth at a given date in the future. The future value of a single sum is calculated using the formula
FV=PV(1+r)^n
where FV= future value, PV= present value, r= interest rate, and n= number of periods (e.g., years or months) on which the interest is calculated.
Rearrange the formula to solve for r Answer by MathLover1(20850) (Show Source):
