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miss Akunina [59]
3 years ago
12

You deposit $ 6,577 in your account today. You make another deposit at t = 1 of $ 9,769 . How much will there be in your account

at the end of year 1 if the interest rate is 10.3 percent p.a.?
Business
1 answer:
ElenaW [278]3 years ago
5 0

Answer:

Total FV= $18,776.85

Explanation:

Giving the following information:

Interest rate= 10.3%

First deposit= $6,577

Second deposit= $9,769

<u>To calculate the future value, we need to use the following formula on each deposit:</u>

FV= PV*(1+i)^n

FV1= 6,577*1.103^2= 8,001.64

FV2= 9,769*1.103= 10,775.21

Total FV= $18,776.85

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