Question

Suppose you deposit $1,908.00 into and account 4.00 years from today into an account that earns 6.00%. How much will the account be worth 14.00 years from today?

Answer 1

Answer:

Final value= $3,041.06

Explanation:

Giving the following information:

You deposit $1,908.00 into an account 4 years from today into an account that earns 6.00%.

To calculate the final value we need to use the following formula:

FV= PV*(1+i)^n

PV= 1,908

n=8 years

i= 6%

FV= 1,908*(1.06)^8= $3,041.06