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26 May, 12:57

You will receive $15000 I'm two years when you graduate. You plan to invest this at an annual interest rate of 6.5 percent. How much money will you have 8 years from now?

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  1. 26 May, 13:17
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    You will have $24 824.94 eight years from now.

    The formula for the future value (FV) of her investment is

    FV = C (1 + r) ^n

    where C = her initial cash

    r = the interest rate

    n = the number of years

    FV = $15 000 (1.065) ^8 = $24 824.94
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