Milo decides to invest $1,500 in a savings account every year at the beginning of the year for 10 years. Assuming an interest ra
te of 7%, how much will Milo have at the end of the 10th year
1 answer:
Answer:
$22,175.40
Explanation:
For this question, we use the Future value formula that is shown on the attachment below:
Provided that,
Present value = $0
Rate of interest = 7%
NPER = 10 years
PMT = $1,500
The formula is shown below:
= -FV(Rate;NPER;PMT;PV;type)
So, after solving this, the future value is $22,175.40
Therefore, the amount at the end of the year is $22,175.40
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