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What is the future value of ​$490 per year for 9 years compounded annually at 11 ​percent? The future value of ​$490 per year for 9 years compounded annually at 11 percent is ​$ nothing. ​(Round to the nearest​ cent

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Answer:

The future value of ​$490 per year for 9 years compounded annually at 11 percent is ​$6,940.35

Explanation:

Giving the following information:

Annual deposit= $490

Number of years) 9

Interest rate= 11%

We have to calculate the end monetary value after 9 years. We will use the following formula:

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

FV= [490*[(1.11^9)-1]}/0.11= $6,940.35

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