Isabella invested $1300 in an account that pays 4.5% compounded annually. Assuming no deposits or withdrawals are made , find ho
w much money Isabella would have in the account 14 years after her initial investment . Round to the nearest tenth.
1 answer:
Answer:
FV= $2,407.53
Step-by-step explanation:
Giving the following information:
Present Value (PV)= 1,300
Interest rate (i)= 4.5% = 0.045
Number of periods (n)= 14 years
<u>To calculate the future value (FV) of the initial investment after 14 years, we need to use the following formula:</u>
FV= PV*(1 + i)^n
FV= 1,300*(1.045^14)
FV= $2,407.53
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