If 650 are deposited into an account with a 4% interest rate...

Question

asked Dec 7, 2024 132k views

2 Answers

Per Svensson · Answer 1 · 2024-12-11T09:07:05+0000

Explanation:

Compounding interest formula

FV = PV ( 1+i)^n i = decimal interest per period = .04

n = periods = 18

FV = 65 ( 1+ .04)^18 = 1316.78 units