The ending balances of the following investments are as follows:
The future value refers to the present value compounded into the future at an interest rate.
The calculation of the future value can be done using the FV table or formula.
We can use an online finance calculator to determine the future value as below.
1. $939 at 8% for 6 years:
N (# of periods) = 6 years
I/Y (Interest per year) = 8%
PV (Present Value) = $939
PMT (Periodic Payment) = $0
Results:
FV = $1,490.07
Total Interest = $551.07
2. $823 at 3% for 9 years:
N (# of periods) = 9 years
I/Y (Interest per year) = 3%
PV (Present Value) =$823
PMT (Periodic Payment) =$0
Results:
FV = $1,073.83
Total Interest = $250.83
3. $269 at 1# for 3 years:
N (# of periods) = 3 years
I/Y (Interest per year) = 1%
PV (Present Value) = $269
PMT (Periodic Payment) =0
Results:
FV = $277.15
Total Interest = $8.15
Thus, the ending balances of the following investments are Investment 1 is $1,490.07, Investment 2 is $1,073.83, and Investment 3 is $277.15.
Learn more about determining future values at https://brainly.com/question/2798584
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