Answer:
FV= $110,000
Explanation:
Giving the following information:
Present value= $100,000
Number of periods= 1 year
Interest rate= 10% compounded annually
To calculate the equivalent amount of money, we need to use the following formula:
FV= PV*(1+i)^n
FV= 100,000*(1.1^1)
FV= $110,000
