Calculate the Future Value of $10,000 Received Today and Deposited

question 163

Essay

Calculate the future value of $10,000 received today and deposited for six years in an account which pays interest of 12 percent compounded quarterly.

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Definitions:

Medicaid Benefits

The range of healthcare services covered by Medicaid, a government program that assists with medical costs for individuals with limited income and resources.

Poverty Incidence

The frequency or rate at which individuals or households fall below the poverty line, measuring the spread of poverty in a population.

African Americans

A racial or ethnic group in the United States with ancestry from the black racial groups of Africa.

Implicit Marginal Tax Rates

The effective rate of taxation on an individual’s additional income from work or other sources, taking into account the loss of benefits or tax deductions as income increases.