Question

Kingston federal bank oversees all the banks in jamaica. One jamaican dollar is equal to 0. 0071 us dollar. If usain bolt made one deposit of $3,000 at kingston federal bank with a growth rate of 5%, how much money would usain bolt have after two years?.

Answer 1

The amount of money that usain bolt would have after two years is $3,307.5.

Future value

Using this formula

Future value=Principal×(1+Growth rate)^Time

Where:

Principal=$3,000

Growth rate=5%

Time=2 years

Let plug in the formula

Future value=$3,000×(1+0.05)²

Future value=$3,000×(1.05)²

Future value=$3,000×1.1025

Future value=$3,307.5

Inconclusion the amount of money that usain bolt would have after two years is $3,307.5.

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