58.2k views
3 votes
What is the future value in one year of an account that has $450 deposited in it, and earns a 2.1% annual interest rate?

User Leogout
by
7.8k points

1 Answer

3 votes
Answer:
The future value of the account that has $450 deposited and 2.1% annual interest rate in one year will be $459.45

Solution:
First convert the percent rate into a decimal, 2.1% to 0.021.
Second multiply account deposited to your rate then you will get $9.45
Third add the interest rate to your account deposited then you will get $459.45


User Japster
by
8.3k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories