The amount of the future value is $219,153.65.
Future value is used to know the accumulated sum after continuous and accruing savings over a period of time.
- The formula for Future value with investment at the beginning of each year is FV = (1+r)*PMT*((1+r)^n-1)/r)
Given Data
PMT = 21000
n = 7
i = 10%
Future value = (1 + 10%)*21000*(((1+10%)^7 - 1)/10%)
Future value = $219153.6501
Future value = $219,153.65.
Therefore, the amount of the future value is $219,153.65.
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