I plan on opening a savings account with $500 and leaving it in the account for 2 years. If the bank is going to pay me an inter
est rate of 3%, how much money will I have in the account at the end of 2 years?
2 answers:
Answer:
The answer is c
Step-by-step explanation:
Answer:
Future Value= $530.45
Step-by-step explanation:
Giving the following information:
Initial investment (PV) = $500
Number of periods (n) = 2 years
Interest rate (i)= 3% = 0.03
<u>To calculate the future value (FV), we need to use the following formula:</u>
FV= PV*(1+i)^n
FV= 500*(1.03^2)
Future Value= $530.45
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