Question

Assume Bill Jones invested $ 3,366.17 into an account exactly one year ago. The account has an interest rate of 6.7 % p.a. How much does Bill have in his account today (that is, exactly one year after the initial deposit)

Answer 1

After one year the deposit = $3591.70

Step-by-step explanation:

Below is the given values:

Invested amount = $3366.17

Interest rate on the invested amount = 6.7%

Now we are required to find the amount after one year of deposit.

After one year the deposit = Deposit amount (F/P, r, n)

After one year the deposit = 3366.17 (F/P, 6.7%, 1)

After one year the deposit = 3366.17 x 1.067

After one year the deposit = $3591.70