Tim has $250. How much would he have after 3 years if he leaves it invested...

Question

Question

Tim has $250. How much would he have after 3 years if he leaves it invested at 4.5% with annual compounding?

business economics

Answer 1

Answer #1

Here, P = 250 , i = 4.5% , n = 3

Future Value = P(1 + i)ⁿ

= 250(1 + 0.045)³

= $285.29

Thus, Tim would have $285.29 after 3 years.

Answer 2

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