Question
You deposit $1000 at 2% for 20 years. What's the future value?
Answers
Ms. Sue
At simple interest rates --
I = 1,000 * 0.02 * 20
I = 400
1,000 + 400 = ?
I = 1,000 * 0.02 * 20
I = 400
1,000 + 400 = ?