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You deposit 650$ in an account paying an annual simple interest rate of 7.2% find the future value of the investment
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You deposit 650$ in an account paying an annual simple interest rate of 7.2% find the future value of the investment

User Mohammad Alavi
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1 Answer

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solution\


\begin{gathered} P=650\text{ } \\ r=7.2\% \end{gathered}

The future value is;


\begin{gathered} FV=650+(650(7.2)t)/(100) \\ FV=650+46.8t \end{gathered}

Where t is the number of years.

User Mauli
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