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if i get 560 dollars in my bank account and i earn a 2.5% interest rate every 3 years how much cash will i have in 3 years

User Rahul Tank
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The future capital can be represented by the following expression:


\begin{gathered} FV=I(1+i)^n \\ \text{where,} \\ FV=\text{ future capital or money} \\ I=\text{ initial value} \\ i=\text{ interes rate} \\ n=\text{ number of periods} \end{gathered}

Substituing in the equation:


\begin{gathered} FV=560(1+0.025)^1 \\ FV=574 \end{gathered}

You will have $574 after 3 years.

User Elshev
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