Question

Jasmine deposited $400 in a bank that paid her 2. 15% interest every year. Assuming no deposits or withdrawals were made. How much money will she have in 5 years? round to nearest.

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Answer 1

$444.89

Explanation:

PV = $400

i = 2.15%

n = 5

Compound formula:

FV = PV (1 + i)^n

FV = 400 (1 +2.15%)^5

FV = $444.89 (round to nearest cents)