Suppose 10 years ago your mother deposited $3,400 in an investment account earning 5.0% per year....
Suppose 10 years ago your mother deposited $3,400 in an investment account earning 5.0% per year. After 3 years she withdrew $1,122. There were no additional deposits or withdrawals from the account. Obtain today's value of the investment account.
$3,710.62
$4,239.39
$4,416.24
$3,959.48
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
Value after 3 years of deposit
A=3400*(1.05)^3-1122
=2813.925
Hence current value
A=2813.925*(1.05)^7
=$3959.48(Approx)
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Suppose 10 years ago your mother deposited $3,400 in an
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