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What is the future value of $3,038 invested for 9 years at 5.6 percent compounded annually?

What is the future value of $3,038 invested for 9 years at 5.6 percent compounded annually?
asked 191k views
2 votes
What is the future value of $3,038 invested for 9 years at 5.6 percent compounded annually?

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User Gries
by
9.2k points

1 Answer

7 votes
To get the future value we use the compound interest formula given by:
FV=P(1+r/100)^n
FV=future value
P=principle
r=rate
n=number of terms
From our question:
p=$3038, r=5.6%, n=9 years.

Hence:

FV=3038(1+5.6/100)^9
FV=$4,960.93
answered
User Whatever
by
7.4k points
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