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

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