You invest $1.200 in a savings account where you will leave it for 10 years earning 5%. How much will your balance be at the end of the 10 years?
A. |
$2,130 |
|
B. |
$1,765 |
|
C. |
$3,250 |
|
D. |
$1,955 |
The calculation of amount at the end of 10 years is shown below:
Future value = present value*(1+rate of interest)^1year
= $1,200*(1+5%)^10
= $1,954.67
Or $1,955
You invest $1.200 in a savings account where you will leave it for 10 years earning...
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