You have $1,900 in savings for retirement. If your investments earn 8% annually, how much will you have in your retirement accou
nt in 6 years?
1 answer:
Answer:
$3,015
Step-by-step explanation:
To determine the amount that you will have in 6 years, you have to use the formula to calculate the future value:
FV=PV*(1+i)^n
FV= future value
PV= present value= $1,900
i= interest rate= 8%
n= number of periods of time= 6 years
FV=1,900*(1+0.08)^6
FV=1,900*(1.08)^6
FV=3,015
According to this, the answer is that in 6 years you will have $3,015 in your retirement account.
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