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How much will you have in 10 years?

How much will you have in 10 years?-example-1

1 Answer

9 votes

Answer:

$4439.28

Explanation:

The future value is computed using the formula ...

FV = P(1 +r/n)^(nt)

where P is the principal invested at annual rate r compounded n times per year for t years.

Using the given values, the future value is ...

FV = $2000(1 +0.08/12)^(12·10) ≈ $4439.28

You will have $4439.28 in the account after 10 years.

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