Register
What is the future value of $3,038 invested for 9 years at 5.6 percent compounded annually?
191k views
2 votes
What is the future value of $3,038 invested for 9 years at 5.6 percent compounded annually?

User Gries
by
8.2k points

1 Answer

7 votes
To get the future value we use the compound interest formula given by:
FV=P(1+r/100)^n
FV=future value
P=principle
r=rate
n=number of terms
From our question:
p=$3038, r=5.6%, n=9 years.

Hence:

FV=3038(1+5.6/100)^9
FV=$4,960.93
User Whatever
by
6.5k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

7.9m questions

10.5m answers

Other Questions

Who was Adam Smith ? Anybody?
What can turn igneous rock into sediment?
In what way did the GI Bill contribute to the growth of professional and white-collar jobs ? A.by providing US laborers with new job-training programs B.by giving US veterans assistance to purchase a new
What is the best way to describe a stock market?
You sell popcorn during your schools football games. Knowing that the people usually buy more when the price is lower, how would you price your popcorn after halftime?
Link Copied!