You have $520 in an account which pays 4.3% compounded annually. If you invest your money...
You have $520 in an account which pays 4.3% compounded annually. If you invest your money for 10 years, then how many dollars of interest will you earn by the end of the term?
Homework Answers
Ans $ 792.22
| FV = | Future Value |
| PV = | Present Value |
| r = | rate of interest |
| n= | no of period |
| FV = | PV (1 + r )n |
| FV = | 520*(1+4.3%)^10 |
| FV = | 792.22 |
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