Answer:
&
Step-by-step explanation:
Column 1:
500 x 5% = 250
$250 in interest each year
Column 2:
500 + 250 = 750
<em>$750 at the end.</em>
Answer:
17
Step-by-step explanation:
Answer:
0.166
Step-by-step explanation:
FUTURE VALUE = PRESENT VALUE * (1 + r)^t
PV = 220,000
r = 3%
t = 7 years
FV = 220,000 * (1 + 3%)^7
FV = 220,000 * (1.03)^7
FV = 220,000 * 1.22987386542487
FV = 270,572.25