Question

Mr. Balderas is 65 years old. He
deposited $150 into a savings
account when he was 18 years
old. The account earned 6.75%
compound interest annually.
What is the total amount in the
savings account at this point in
time?

Answer 1

The total amount of money in Mr Baldera's savings account at this point in time is $3231.33.

What is the total amount of money in the account?

The formula that can be used to determine the future value with annual compounding is:

FV = P (1 + r)^n

• FV = Future value
• P = Present value
• R = interest rate
• N = number of years : 65 - 18 = 47

150 x (1.0674)^47 = $3231.33.

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