Kavin deposited 30,000 into a saving account today and will keep this amount for five years....
Kavin deposited 30,000 into a saving account today and will keep this amount for five years. This account earns 10% interest compounded annually. What will be the balance in this account be at the end of 5th year?
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=$30,000*(1.1)^5
=$30000*1.61051
=$48315.30
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