If your bank pays you 1.7 %1.7% interest and you deposit $ 700 today, what will be your balance in six years
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=$700*(1.017)^6
=$700*1.106434521
=$774.50(Approx).
If your bank pays you 1.7 %1.7% interest and you deposit $ 700 today, what will...
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