The number of years (n) that the deposit stayed in his balance is given by: 65 - 18 = 47 years.
The future value (FV) of a deposit (P), deposited at an interest rate of r% compounded yearly for n years is given by
Given that <span>Jamal deposits P = $1000 into a savings account on for n = 47years at 2% interest compounded yearly, the amount in his bank account at the end of the period is given by
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The future value (FV) of a deposit (P), deposited at an interest rate of r% compounded yearly for n years is given by
Given that <span>Jamal deposits P = $1000 into a savings account on for n = 47years at 2% interest compounded yearly, the amount in his bank account at the end of the period is given by