Question

How much will a $1 deposit be worth after 24 years if the interest rate paid by the bank is 7%?

Answer 1

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➷ 1 x 1.07^24 = 5.072366

It would be worth $5.07

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Answer 2

Answer:

After 24 years and with an interest rate of 7%, a $1 deposit will be worth $5.07.

Explanation:

Year 0: 1

Year 1: 1 x 1.07 = 1.07

Year 2: 1.07 x 1.07 = 1.14

Year 3: 1.14 x 1.07 = 1.22

Year 4: 1.22 x 1.07 = 1.31

Year 5: 1.31 x 1.07 = 1.40

Year 6: 1.40 x 1.07 = 1.50

Year 7: 1.50 x 1.07 = 1.60

Year 8: 1.60 x 1.07 = 1.71

Year 9: 1.71 x 1.07 = 1.83

Year 10: 1.83 x 1.07 = 1.96

Year 11: 1.96 x 1.07 = 2.10

Year 12: 2.10 x 1.07 = 2.25

Year 13: 2.25 x 1.07 = 2.40

Year 14: 2.40 x 1.07 = 2.57

Year 15: 2.57 x 1.07 = 2.75

Year 16: 2.75 x 1.07 = 2.95

Year 17: 2.95 x 1.07 = 3.15

Year 18: 3.15 x 1.07 = 3.37

Year 19: 3.37 x 1.07 = 3.61

Year 20: 3.61 x 1.07 = 3.86

Year 21: 3.86 x 1.07 = 4.14

Year 22: 4.14 x 1.07 = 4.43

Year 23: 4.43 x 1.07 = 4.74

Year 24: 4.74 x 1.07 = 5.07