If you invest $34,000 into an account earning 5.87% and retain this investment for eight years,...
If you invest $34,000 into an account earning 5.87% and retain this investment for eight years, how much will you have at the end of the eight-year period?
Homework Answers
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
A=$34000*1.0587^8
=$34000*1.57827728
which is equal to
=$53661.43(Approx).
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