Question

Suppose you deposit $1,633.00 into and account 9.00 years from today into an account that earns 14.00%. How much will the account be worth 14.00 years from today

Answer 1

Answer:

$3144.20

Explanation:

Using the formula of Future Value FV = PV(1 + R)^N

where;

Present Value PV = $1633

Rate R = 0.14

∴

FV = $1633(1 + 0.14)^5

FV = $1633(1.14)^5

FV = $3144.20