Question

You want to deposit $15,000 in a bank at an interest rate of 7 percent per year. What is the future value of this money after three years?

Answer 1

The future value formula:
FV = PV · ( 1 + i ) ^ n
PV - present value ( PV = $15,0000 ),
i - interest rate ( i = 0.07 ),
n - number of periods ( n = 3 )
FV = $15,000 · 1.07 ³ = $15,000 · 1.225043 = $18,375.645

Answer 2

Answer:

the answer would be $18,375.65

Step-by-step explanation: