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If you put $2,620 in a savings account and make no further deposits, what type of calculation would provide you with the value of the account in 28 years?
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If you put $2,620 in a savings account and make no further deposits, what type of calculation would provide you with the value of the account in 28 years?

User Pedro Coelho
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1 Answer

7 votes

Answer:

future value of a lump sum:


Nominal(1+r)^n = FV\\2,620(1+r)^(28) = FV

Step-by-step explanation:

when there is only a single deposits the formula will be the compounding interest future value of a lump sum

The deposits will generate incoem at a given rate r which, will make it increase their value over the course of time.

User DatsunBing
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