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8 November, 14:31

Your bank offers a savings account that pays 3.5% interest, compounded annually. If you invest $1,000 in the account, then how much will it be worth at the end of 25 years? a. $2,245.08b. $2,363.24c. $2,481.41d. $2,605.48e. $2,735.75

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  1. 8 November, 14:56
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    FV = $2,363.24

    Explanation:

    Giving the following information:

    Your bank offers a savings account that pays 3.5% interest, compounded annually. If you invest $1,000 in the account, then how much will it be worth at the end of 25 years?

    We need to use the following formula:

    FV = PV * (1+i) ^n

    FV = 1000 * (1+0.035) ^25

    FV = $2,363.24
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