3 years ago

Winston deposited $3,294 in a bank account with an annual interest rate of 2.6%. How much interest was earned in 5

Mathematics

1 answer:

ale4655 [162]3 years ago

3 0

Answer:

FV= $3,725.07

Step-by-step explanation:

Giving the following information:

Initial investment (PV)= $3,294

Number of periods (n)= 5 years

Interest rate (i)= 2.6% = 0.026

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

FV= PV*(1+i)^n

FV= 3,294*(1.026^5)

FV= $3,725.07

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