Answer:
FV= $16,105.1
Explanation:
Giving the following information:
Present value (PV)= $10,000
Interest rate (i)= 10% = 0.10
Number of periods (n)= 5 years
To calculate the future value (FV), we need to use the following formula:
FV= PV*(1+i)^n
FV= 10,000*(1.1^5)
FV= $16,105.1
