The future value of $6,236 expected 13 year from today at an interest rate of 11.4% per year is _____

To calculate the future value (FV) of a sum of money given the present value (PV), interest rate, and time period, you can use the formula:

\[
FV = PV \times (1 + r)^n
\]

Where:
- $FV$ is the future value.
- $PV$ is the present value (the initial amount of money).
- $r$ is the annual interest rate (expressed as a decimal).
- $n$ is the number of years.

Given:
- $PV = 6,236$
- $r = 11.4\% = 0.114$
- $n = 13$ years

Substitute these values into the formula:

\[
FV = 6,236 \times (1 + 0.114)^{13}
\]

Let's calculate this.The future value of $6,236 expected 13 years from today at an interest rate of 11.4% per year is approximately **$25,375.44**.

Do you want more details or have any questions? Here are some related questions that might interest you:

1. How is compound interest different from simple interest?
2. What happens if the interest rate changes over time?
3. How would the future value change if the interest was compounded monthly instead of annually?
4. What is the present value if the future value and interest rate are known?
5. How do you calculate the number of years needed to reach a specific future value?

**Tip:** Always double-check whether the interest rate is compounded annually, monthly, or at some other interval, as this can significantly affect the future value.

Learn how to calculate the future value of $6,236 invested at 11.4% interest compounded annually for 13 years. Get a step-by-step solution and understand the impact of compound interest on investments.

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