Jamarcus starts with $1,200 in a college savings account. His account earns interest at a rate of 1.8% compounded annually. How
much money is in the account after 6 years?
1 answer:
Answer:
FV= $1,335.57
Step-by-step explanation:
Giving the following information:
Initial Investment (PV)= $1,200
Interest rate= 1.8% compounded annually
Number of periods= 6
<u>To calculate the future value, we need to use the following formula:</u>
FV= PV*(1+i)^n
FV= 1,200*(1.018^6)
FV= $1,335.57
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