Answer:
FV= $274,909.8
Step-by-step explanation:
Giving the following information:
Present value (PV)= $160,000
Interest rate (i)= 7%
Number of periods (n)= 8 years
To calculate the future value (FV) of the home, we need to use the following formula:
FV= PV*(1+i)^n
FV= 160,000*1.07^8)
FV= $274,909.8
