Ask Question
15 July, 03:26

What would be the future value of a saving account starting 700.00 earning four percent (compound annually) after 10 years?

+4
Answers (1)
  1. 15 July, 03:32
    0
    Let's use the formula for compounding interest.

    F = P (1+i) ^n

    where

    P is the present worth

    i is the interest

    n is the number of years

    F is the future worth or future value

    Substituting the values,

    P = 700; i = 0.04; n = 10

    F = 700 (1+0.04) ^10

    F = 1,036.71

    Hence, after 10 years, the future value would be 1,036.71.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “What would be the future value of a saving account starting 700.00 earning four percent (compound annually) after 10 years? ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers