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Art [367]
3 years ago
15

An amount of $2,500 is deposited in a savings account that earns 2.5% interest. Which is the future value

Business
1 answer:
Lynna [10]3 years ago
5 0

Answer:

$3,208

Explanation:

The computation of the future value is shown below;

As we know that

Future valie = Present value × (1 + rate of interest)^number of years

where

Present value is $2,500

Rate of interest = 2.5% ÷ 4 = 0.625%

And, the time period is = 10  × 4 = 40

So, the future value is

= $2,500 × (1 + 0.625%)^40

= $3,208

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