[10,327.71] If the present value of my investment is 9,000 and the rate of interest is 3½% compounded annually,

For Competitive Exams

If the present value of my investment is $9,000 and the rate of interest is 3½% compounded annually, what will the value be after 4 years?

$10,176.87

$10,260

$10,324.27

$10,327.71

Explanation:
Use the formula: FV = PV × (1 + r)n
Substitute PV = 9,000, r = 3½% = 0.035 and n = 4
FV = 9,000 × (1 + 0.035)4 = 9,000 × (1.035)4
= 9,000 × 1.14752...
= 10,327.707...
So the value after 6 years = 10,327.71

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