You put $939 into an investment at 6% for 6 years. What will be the balance at the end of 6 years
1 answer:
We will use a Future Value Formula:
FV=PV(1 + i)ⁿ
$939 is our Present Value (PV)
.06 (6%) will be substitued for i (interest)
6 years will be substituated for "n" (numbers of periods)
FV = $939 (1 + .06) ^6
FV = 1331.989446 or rounded to <u>1331.99 balance at the end of 6 years</u>
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