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17 April, 02:47

Paul wants to deposit $600 today for a vacation he plans to take after graduation. Which formula should he use to determine the amount of money he will have available at the time of the vacation?

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  1. 17 April, 02:50
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    Future value of a single amount

    Step-by-step explanation:

    Future value of a single amount - it is referred to as the amount of money that received after n year when money is deposit at the rate interest of i from the initial time. we can say that the total amount is the sum of principal money and interest value.

    The formula used to calculate the Future Value of a single amount

    Future value = Present value * [Future value factor]
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