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If $85 is put in an account that gets 8.5% and I add $15 per year, how much will I have at the end of 8 years?

If $85 is put in an account that gets 8.5% and I add $15 per year, how much will I have at the end of 8 years?
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5 votes
If $85 is put in an account that gets 8.5% and I add $15 per year, how much will I have at the end of 8 years?

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User Fou
by
8.0k points

1 Answer

4 votes
FV=PV(1+i)^n

FV =$ [85(1+0.85)^8]

FV=$ [85(1.85)^8]

FV= $ 222.21
answered
User Yiwen
by
7.4k points
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