You placed $5,866 in a savings account today that earns an annual interest rate of 9 percent compounded annually. How m...

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Question

You placed $5,866 in a savings account today that earns an annual interest rate of 9 percent compounded annually. How much yo

Answer 1

Answer #1

This question requires application of basic time value of money function, according to which FV = PV * (1 + r) where FV is F

FV = $5,866 * (1 + 9%)³⁸

FV = $5,866 * 26.43668

FV = $155,077.57

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Answer 2

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