1. Gwen deposits $7,000 in a savings account with an annual interest rate of 2.5%. What function
1 answer:
Answer:
Results are below.
Step-by-step explanation:
Giving the following information:
Initial investment (PV)= $7,000
Interest rate (i)= 2.5%
<u>To calculate the future value after x years, we need to use the following formula:</u>
FV= PV*(1 + i)^x
<u>Now, for 9 years:</u>
x= 9
FV= 7,000*(1.025^9)
FV=$8,742.04
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