$750 x 11.464 = $8,598 Calculating the Potential Future Value of Savings.
The value of a current asset at some point in the future based on an assumed rate of growth is known as future value (FV). For investors and financial planners, the future value is crucial because they use it to predict how much an investment made today will be worth in the future.
The goal is to account for the time value of money over the given time period in the present value of a sum of money. If the interest rate is 10% and the present value is $1, then the future value of that dollar will be $1.10. The mix of stocks, bonds, and other investments in your portfolio can be determined using future value as well.
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