If you were to open an account that will pay you 3.5% interest with a deposit of $150 so find the following ending amount for ea
ch period at the end of 2 years
1 answer:
Answer:
FV= $160.68
Step-by-step explanation:
Giving the following information:
Initial investment= $150
Interest rate= 3.5% compounded annually
Number of periods= 2
T<u>o calculate the future value, we need to use the following formula:</u>
FV= PV*(1+i)^n
PV= present value
i= interest rate
n= number of periods
FV= 150*(1.035^2)
FV= $160.68
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