The $110,000 would grow to $ 281,384.06 in 9 years if invested at 11% per year.
What is future value?
The future value of an amount is its future equivalent value when the amount invested today has earned interest as well as the interest earned upon interest, which is known as the compounding effect, for instance, interest earned in year 1 would also earn interest in years 2-9.
The future value formula of a single cash flow is provided below:
FV=PV*(1+r)^N
PV=$110,000
r=11%
N=number of years that investment would last=9
FV=$110,000*(1+11%)^9
FV=$ 281,384.06
In essence, $110,000 invested today would become $281,384.06 in 9 years.
Find out more about future value on:https://brainly.com/question/24703884
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