Two Years Future Value What is the future value of $450 deposited for two years earning...
Two Years Future Value What is the future value of $450 deposited for two years earning 8% interest rate annually?
Homework Answers
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
Hence
A=$450(1.08)^2
=$450*1.1664
which is equal to
=$524.88
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