Check my work Compute the value in 24 years of a $2.000 deposit earning 9 percent...

Question

Question

Answer 1

Answer #1

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=$2000*(1.09)^24

=$2000*7.911083175

which is equal to

=$15822.17(Approx).

Answer 2

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