Find the future value FV of the given present value. (Round your answer to the nearest cent.)Present value of $3,670 at 234% for six yearsFV = $

To find the future value (FV) of a given present value (PV) with a given interest rate and time period, we use the formula for compound interest:

$FV = PV \times (1 + r)^n$

where:

• $PV$ is the present value,
• $r$ is the annual interest rate (expressed as a decimal),
• $n$ is the number of years.

Given:

• $PV = \$3,670$
• Annual interest rate $r = 234\% = 2.34$ (as a decimal)
• $n = 6$ years

Step-by-step calculation:

1. Convert the interest rate from a percentage to a decimal: $r = \frac{234}{100} = 2.34$

2. Substitute the values into the compound interest formula: $FV = 3,670 \times (1 + 2.34)^6$

3. Calculate $(1 + 2.34)$: $1 + 2.34 = 3.34$

4. Raise $3.34$ to the power of $6$: $3.34^6 \approx 1534.792$

5. Multiply the result by the present value: $FV = 3,670 \times 1534.792 \approx 5,631,678.64$

Therefore, the future value (FV) is approximately: $FV = \$5,631,678.64$