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Bond [772]
3 years ago
6

To fund your dream vacation, you plan to save $1,475 per year for the next 15 years starting one year from now. If you can earn

an interest rate of 6.25%, how much will you have saved for your vacation?
Business
1 answer:
muminat3 years ago
3 0

Answer:

FV= $34,993.05

Explanation:

Giving the following information:

Annual deposit= $1,475

Number of periods= 15 years

Interest rate= 6.25%

<u>To calculate the future value, we need to use the following formula:</u>

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

A= annual deposit

FV= {1,475*[(1.0625^15) - 1]} / 0.0625

FV= $34,993.05

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For example, if the growth rate of a population is 10%, if the town currently has 1000 people, next year population would be: 1000(1.1) = 1100 people.

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Answer:

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