Question

find the future value of $1400 deposited at7%for 2years if the account pays simple interest,and the account pays interest compounded annually.

Answer 1

If interest is compounded annually, it pays .1 $1000 = $100 the first year, ... Example: Find thecompound amount if $2900 is deposited at 5% interest for 10 years if ... the account has been open and regular passbook interest is paid on the account. ... Amount of an annuity - S (future value) of n payments of R dollars for n ...