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16 July, 12:47

Felicia invested $25,000 into an account earning 3% interest compounded annually. She makes no other deposits into the account and does not withdraw any money. What is the balance of Felicia's account in 9 years?

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  1. 16 July, 13:58
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    The formula is

    A=p (1+r) ^t

    A future value?

    P present value 25000

    R interest rate 0.03

    T time 9 years

    A=25,000 * (1+0.03) ^ (9)

    A=32,619.33
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