It has the same value as 11300 at the present time. T 231 Fini sh solving the problem by dividing each side by 12 and round your final answer. P V I F 1 1 r n.
Time value of money present value and continuous compounding.
FV is the Future Value accumulated amount of money 1 from an investment PV at an Interest Rate i per period for n Number of Time Periods. At 3 annual interest it will take approximately 231 years to double your money. To calculate compound interest use the formula below. Using the compound interest formula calculate principal plus interest or principal or rate or time.