Question

Find the end balance of a $1.750 deposit at 2% compound Eder annually after 5 years.

Answer 1

Explanation:

The compounding formula:

FV = PV ( 1 + i)^n

i = decimal interest per period = .02

n = periods = 5

FV = $ 1,750 * ( 1 + ,02)^5 = $ 1932.14

( I assumed 1,750 and NOT 1.75 as posted)