Question

Find the final amount of money in an account if $2,600 is deposited at 4% interest compounded annually and the money is left for 7 years.

Answer 1

P = Po(1+r)^n,
Po = $2600,
r = 0.04/yr.
n = 1comp./yr. * 7yrs. = 7 Compounding periods.
P = 2600(1.04^7) =

Answer 2

Find the future value if $11,000.00 is invested for 5 years at 10% compounded annual.

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