Jasmine deposited $400 in a bank that paid her 2. 15% interest every year. Assuming no deposits or withdrawals were made. How much money will she have in 5 years? round to neares…

Question

asked May 12, 2024 34.9k views

1 Answer

MoVod · Answer 1 · 2024-05-18T02:29:03+0000

Answer:

$444.89

Explanation:

PV = $400

i = 2.15%

n = 5

Compound formula:

FV = PV (1 + i)^n

FV = 400 (1 +2.15%)^5

FV = $444.89 (round to nearest cents)