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You deposit $ 6,577 in your account today. You make another deposit at t = 1 of $ 9,769 . How much will there be in your account at the end of year 1 if the interest rate is 10.3 percent p.a.?
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4 votes
You deposit $ 6,577 in your account today. You make another deposit at t = 1 of $ 9,769 . How much will there be in your account at the end of year 1 if the interest rate is 10.3 percent p.a.?

User Panya
by
5.2k points

1 Answer

4 votes

Answer:

Total FV= $18,776.85

Step-by-step explanation:

Giving the following information:

Interest rate= 10.3%

First deposit= $6,577

Second deposit= $9,769

To calculate the future value, we need to use the following formula on each deposit:

FV= PV*(1+i)^n

FV1= 6,577*1.103^2= 8,001.64

FV2= 9,769*1.103= 10,775.21

Total FV= $18,776.85

User Enrico Susatyo
by
4.6k points
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