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3 years ago

Today you earn a salary of $28,500. What will be your annual salary fifteen years from

Business

1 answer:

lys-0071 [83]3 years ago

3 0

Answer:

$47.747.44

Explanation:

After 14 years, the salary will be equivalent to the future value of $28,500 at 3.5% compound interest.

The formula for calculating compound interest is as follows.

FV = PV × (1+r)n

where FV = Future Value

PV = Present Value... 28,500

r = annual interest rate.... 3.5%

n = number of periods...15

Fv = $28,500 x ( 1+ 3.5/100)15

Fv = $28,500 x ( 1+0.035)15

Fv =$28,500 x 1. 67534883

Fv =$47.747.44

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Answer:

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3 years ago

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