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2 March, 18:53

Suppose you deposit $1,908.00 into and account 4.00 years from today into an account that earns 6.00%. How much will the account be worth 14.00 years from today?

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  1. 2 March, 22:09
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    Final value = $3,041.06

    Explanation:

    Giving the following information:

    You deposit $1,908.00 into an account 4 years from today into an account that earns 6.00%.

    To calculate the final value we need to use the following formula:

    FV = PV * (1+i) ^n

    PV = 1,908

    n=8 years

    i = 6%

    FV = 1,908 * (1.06) ^8 = $3,041.06
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