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AVprozaik [17]
3 years ago
6

Suppose that when your friend was born, your friends parents deposited $2000 in an account paying 5.9% interest. What will the a

ccount balance be after 15 years?
Mathematics
1 answer:
irina1246 [14]3 years ago
3 0

Answer:

FV= $4,725.74

Step-by-step explanation:

Giving the following information:

Initial investment (PV)= $2,000

Number of periods (n)= 15 years

Interest rate (i)= 5.9% = 0.059

<u>To calculate the Future Value, we need to use the following formula:</u>

<u></u>

FV= PV*(1 + i)^n

FV= 2,000*(1.059^15)

FV= $4,725.74

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