Compute the value in 26 years of a $1,500 deposit earning 8 percent per year.
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
Hence
A=$1500*(1.08)^26
=$1500*7.396353212
which is equal to
=$11094.53(Approx).
Compute the value in 26 years of a $1,500 deposit earning 8 percent per year.
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