Answer:
FV= $2,041.29
Step-by-step explanation:
Giving the following information:
Initial investment (PV)= $1,500
Number of periods (n)= 7 years
Interest rate (i)= 4.5% = 0.045
<u>To calculate the future value, we need to use the following formula:</u>
FV= PV*(1+i)^n
FV= 1,500*(1.045^7)
FV= $2,041.29
No (unless you're talking about a whole number), for example...
0.2^2 = 0.04
Answer:
A)
Step-by-step explanation:
check that the formula in A works . . .
the 7th term should be 320
a(320) = 5(2)^7-1
= 5(2)^6
= 5(64)
= 320
