Homework Answers
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Answer 6002.92 $
We have to calculate the future value of the deposit after 6 years
, which is earning 7 % every year .
Asuming the interest is compounded
Future Value = P *(1+r)n
where r is the rate , n is the time and P i the initial
deposit
Value of deposit after 6 years
= 4000 * (1+0.07)6
= 4000*(1.07)6
= 4000 *1.50073
= 6002.92 $
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