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The future value of $1,900 deposited each year for 6 years earning 7 percent would be approximately how much?

asked
User Kimaya
by
8.1k points

1 Answer

3 votes

Answer:

after 6 years is approximately **$2851.39**.

Explanation:

The future value of an investment is the amount of money that the investment will be worth in the future, taking into account interest earned.

To calculate the future value of an investment, we can use the following formula:

```

Future value = Present value * (1 + Interest rate)^Number of years

```

In this case, the present value is $1,900, the interest rate is 7%, and the number of years is 6.

```

Future value = $1900 * (1 + 0.07)^6 = $2851.39

```

Therefore, the future value of the investment after 6 years is approximately **$2851.39**.

answered
User Chell
by
8.3k points

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