Ask Question
14 September, 19:25

You want to deposit $15,000 in a bank at an interest rate of 7 percent per year. What is the future value of this money after three years?

+4
Answers (1)
  1. 14 September, 21:12
    0
    The future value formula:

    FV = PV · (1 + i) ^ n

    PV - present value (PV = $15,0000),

    i - interest rate (i = 0.07),

    n - number of periods (n = 3)

    FV = $15,000 · 1.07 ³ = $15,000 · 1.225043 = $18,375.645
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “You want to deposit $15,000 in a bank at an interest rate of 7 percent per year. What is the future value of this money after three years? ...” in 📘 Mathematics 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