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18 January, 15:14

You put $939 into an investment at 6% for 6 years. What will be the balance at the end of 6 years

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  1. 18 January, 18:20
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    We will use a Future Value Formula:

    FV=PV (1 + i) ⁿ

    $939 is our Present Value (PV)

    .06 (6%) will be substitued for i (interest)

    6 years will be substituated for "n" (numbers of periods)

    FV = $939 (1 +.06) ^6

    FV = 1331.989446 or rounded to 1331.99 balance at the end of 6 years
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