Question

You deposit $1,900 into an account that pays 3% per year. Your plan is to withdraw this amount at the end of 5 years to use for a down payment on a new car. How much will you be able to withdraw at the end of 5 years

Answer 1

$2202.62

Step-by-step explanation:

Future value = amount x ( 1 + interest rate)^n

$1900(1.03)^5 = $2202.62