Ask Question
10 November, 09:10

You plan to deposit $ 700 in a bank account now and $ 300 at the end of the year. If the account earns 4 % interest per year, what will be the balance in the account right after you make the second deposit?

+1
Answers (1)
  1. 10 November, 12:08
    0
    Investment balance = $1,028

    Explanation:

    Giving the following information:

    You plan to deposit $ 700 in a bank account now and $ 300 at the end of the year.

    Interest rate = 4%

    To determine the balance after the second deposit, we need to use the following formula for the first deposit and add the second one:

    FV = PV * (1+i) ^n

    FV = 700*1.04 = $728

    Investment balance = 728 + 300 = $1,028
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “You plan to deposit $ 700 in a bank account now and $ 300 at the end of the year. If the account earns 4 % interest per year, what will be ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers