Find the missing numbers
1 answer:
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Answer:
Future value, A = $4740.39
Step-by-step explanation:
Given the following data;
Principal = $2700
Interest rate = 5.25% = 5.25/100 = 0.0525
Time = 11 years
Number of times, n = 1
To find the future value, we would use the compound interest formula;
Where;
A is the future value.
P is the principal or starting amount.
r is annual interest rate.
n is the number of times the interest is compounded in a year.
t is the number of years for the compound interest.
Substituting into the equation, we have;
Future value, A = $4740.39
