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23 April, 19:03

What would be the future value of a saving account starting 700.00 earning four percent (compound annually) after 10 years?

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  1. 23 April, 22:47
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    Let's use the formula for compounding interest.

    F = P (1+i) ^n

    where

    P is the present worth

    i is the interest

    n is the number of years

    F is the future worth or future value

    Substituting the values,

    P = 700; i = 0.04; n = 10

    F = 700 (1+0.04) ^10

    F = 1,036.71

    Hence, after 10 years, the future value would be 1,036.71.
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