SOLUTION: Find the present value of the following future amount. ​$7000 at 10​% compounded annually for 15 years

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Find the present value of the following future amount. ​$7000 at 10​% compounded annually for 15 years      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 1140254: Find the present value of the following future amount.
​$7000 at 10​% compounded annually for 15 years
Answer by greenestamps(13200) About Me  (Show Source):
You can put this solution on YOUR website!


The initial amount, multiplied by the growth factor 1.10 15 times, yields a future value of $7000:

A%281.10%29%5E15+=+7000
a+=+7000%2F%281.10%5E15%29

Use a calculator....