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3 years ago

3) Mary deposits £10000 in an account which pays 5.6% compound

Mathematics

1 answer:

Otrada [13]3 years ago

4 0

Answer:

FV= £13,131.66

Step-by-step explanation:

Giving the following information:

Initial Investment (PV)= £10,000

Interest rate (i)= 5.6%

Number of periods (n)= 5 years

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

<u></u>

FV= PV*(1 + i)^n

FV= 10,000*(1.056^5)

FV= £13,131.66

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ANSWER:

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