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

Question

3 years ago

6

ch period at the end of 2 years

1 answer:

aev [14] · Answer 1 · 2022-05-02T02:07:26+03:00

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