You plan to deposit $1,000 today, $5,000 in one year and $1,000 in two years in...
You plan to deposit $1,000 today, $5,000 in one year and $1,000 in two years in an account earning 6.0% interest. What will the account balance be in 4 years? Round to the nearest cent.
Homework Answers
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
A=$1000*(1.06)^4+5000*(1.06)^3+1000*(1.06)^2
which is equal to
=$8341.16(Approx).
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