Paul wants to deposit $600 today for a vacation he plans to take after graduation. Which formula should he use to determine the amount of money he will have available at the time of the vacation?

Question

Mathematics

Bender

11 November, 17:49

Paul wants to deposit $600 today for a vacation he plans to take after graduation. Which formula should he use to determine the amount of money he will have available at the time of the vacation?

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Answers (1)

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Matthew Glover · Answer 1

Future value of a single amount

Step-by-step explanation:

Future value of a single amount - it is referred to as the amount of money that received after n year when money is deposit at the rate interest of i from the initial time. we can say that the total amount is the sum of principal money and interest value.

The formula used to calculate the Future Value of a single amount

Future value = Present value * [Future value factor]