You plan to deposit $ 700 in a bank account now and $ 300 at the end of the year. If the account earns 4 % interest per year, what will be the balance in the account right after you make the second deposit?

Investment balance = $1,028

Explanation:

Giving the following information:

You plan to deposit $ 700 in a bank account now and $ 300 at the end of the year.

Interest rate = 4%

To determine the balance after the second deposit, we need to use the following formula for the first deposit and add the second one:

FV = PV * (1+i) ^n

FV = 700*1.04 = $728

Investment balance = 728 + 300 = $1,028