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26 July, 20:56

What is the future value of $3,038 invested for 9 years at 5.6 percent compounded annually?

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  1. 26 July, 21:04
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    To get the future value we use the compound interest formula given by:

    FV=P (1+r/100) ^n

    FV=future value

    P=principle

    r=rate

    n=number of terms

    From our question:

    p=$3038, r=5.6%, n=9 years.

    Hence:

    FV=3038 (1+5.6/100) ^9

    FV=$4,960.93
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