Answer: A. You can withdraw money at any time.
Explanation:
Answer:
FV= $7,435.74
Explanation:
Giving the following information:
Initial investment= $6,400
Interest rate= 1.5%
Number of periods= 10 years
<u>To calculate the value of the account in ten years, we need to use the following formula:</u>
FV= PV*e^(i*n)
FV= 6,400*e^(0.015*10)
FV= $7,435.74
Answer:
The final value of the investment after 3 years is $7,146.10
Explanation:
Giving the following information:
Investment= $6,000
Interest rate= 6% compounded annually
The number of years= 3 years.
To calculate the final value, we need to use the following formula:
FV= PV*(1+i)^n
FV= 6,000*(1.06^3)
FV= $7,146.10
The final value of the investment after 3 years is $7,146.10
Credit unions are not-for-profit financial cooperatives. Whose earnings are paid back to members in the form of higher saving rates and lower loan rates.Banks are for profit businesses with earning paid to stockholders only.
