For each of the following, compute the future value: (Do not round intermediate calculations and round your answers to 2 decimal places, e. g., 32.16.) Present Value Years Interest Rate Future Value
$ 2,550 8 18 % $
9,653 21 10 $
101,305 15 11 $
239,382 27 5 $

$9585.09

$71,434.61

$484.702.84

$893,722.24

Explanation:

The formula used in calculating future value is given as :

FV = P (1 + r)^n

FV = Future value

P = Present value

R = interest rate

N = number of years

1. $ 2,550 (1 + 0.18)^8 = $9585.09

2. 9,653 (1 + 0.1)^21 = $71,434.61

3. 101,305 (1 + 0.11)^ 15 = $484.702.84

4. 239,382(1 + 0.05)^27 = $893,722.24

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rational decision making is a multi-step process for making choices between alternatives. the process of rational decision making favors logic, objectivity, and analysis over subjectivity and insight. the word “rational” in this context does not mean sane or clear-headed as it does in the colloquial sense.

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