3 years ago

How much money will you have in a savings account that earns 16% annually in 10 years if you invest $5000 per year?

Business

1 answer:

klio [65]3 years ago

3 0

Answer:

The final value is $106,607.35.

Explanation:

Giving the following information:

n= 10 years

i= 16%

Annual deposit= $5,000

To calculate the final value we need to use the following version of the final value formula:

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

FV= {5,000*{(1.16^10)-1]}/0.16= $106,607.35

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