Suppose you currently have $ 5 comma 400$5,400 in your savings account, and your bank pays...
Suppose you currently have $ 5 comma 400$5,400 in your savings account, and your bank pays interest at a rate of 0.54 %0.54% per month. If you make no further deposits or withdrawals, how much will you have in the account in 66 years? In 66 years' time, you will have $nothing in the account. (Round to the nearest cent.)
Homework Answers
Current Balance = $5,400
Monthly Interest Rate = 0.54%
Period = 6 years or 72 months
Future Value = Current Balance * (1 + Monthly Interest
Rate)^Period
Future Value = $5,400 * 1.0054^72
Future Value = $5,400 * 1.473667
Future Value = $7,957.80
So, In 6 years’ time, you will have $7,957.80 in the account.
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