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24 December, 01:41

Justin deposits $4,000 into an IRA account that earns an annual interest rate of 6.5%. If he makes no additional deposits, how much money will he have in the account one year later?

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  1. 24 December, 01:50
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    The Future value at year time is $4,260

    Explanation:

    The future value at the end of the year one can be found by using the compounding formula which is as under:

    Future Value = Present Value * (1 + r) ^n

    Future Value = $4,000 * (1.065) ^ 1 = $4,260
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Home » Business » Justin deposits $4,000 into an IRA account that earns an annual interest rate of 6.5%. If he makes no additional deposits, how much money will he have in the account one year later?
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