Devon invests in an account for 10 years that pays 2.15% compound interest annually. He uses the expression P(1+r)t to find the
total value. What will be the total value of the account after 10 years if he invested 4,000?
1 answer:
Answer:
FV= $4,948.16
Step-by-step explanation:
Giving the following information:
Number of periods (n)= 10
Interest rate (i)= 2.15% compound interest annually
Present value (PV)= 4,000
<u>To calculate the future value, we need to use the following formula:</u>
FV= PV*(1+i)^n
FV= 4,000*(1.0215^10)
FV= $4,948.16
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