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You want to deposit $15,000 in a bank at an interest rate of 7 percent per year. What is the future value of this money after three years?
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You want to deposit $15,000 in a bank at an interest rate of 7 percent per year. What is the future value of this money after three years?

User AkhlD
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1 Answer

2 votes
The future value formula:
FV = PV · ( 1 + i ) ^ n
PV - present value ( PV = $15,0000 ),
i - interest rate ( i = 0.07 ),
n - number of periods ( n = 3 )
FV = $15,000 · 1.07 ³ = $15,000 · 1.225043 = $18,375.645
User Yakalent
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