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You place $230.00 into an investment that has an annually compounding rate of 2.5%. How much money is in the investment after 3 years?
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You place $230.00 into an investment that has an annually compounding rate of 2.5%. How much money is in the investment after 3 years?

User Arun Raj R
by
5.2k points

1 Answer

2 votes

Answer:

FV= $247.69

Step-by-step explanation:

Giving the following information:

Initial investment (PV)= $230

Number of periods (n)= 3 years

Interest rate (i)= 2.5% = 0.025

To calculate the future value (FV), we need to use the following formula:

FV= PV*(1+i)^n

FV= 230*(1.025^3)

FV= $247.69

User Mirko Adari
by
5.2k points
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