Homework Answers
Compute the future value after 5 years using the equation as shown below:
Future value = Deposit amount * ( 1 + Interest rate ) Period
= $2,300 * ( 1 + 4%) 5
= $2,300 * 1.2166529024000001
= $2,798.3
Hence, the amount which can be withdrawn after 5 years is $2,798.3
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