you want to deposit $15,000 in a bank at an interest rate of 7 percent per year. what is the future value of this money after three years?

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jasmylietC jasmylietC

02-07-2016
Mathematics

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you want to deposit $15,000 in a bank at an interest rate of 7 percent per year. what is the future value of this money after three years?

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meerkat18 meerkat18 · Answer 1 · 2016-07-09T12:11:37+02:00

To answer the problem above, I assume that the interest is compounded. Having said that, the equation for the future worth (F) of the present investment (P) is,
F = P x (1 + i)^n
where i is interest rate and n is the number of years. Substituting,
F = ($15,000) x (1 + 0.07)^3 = $18,375.645
Thus, the answer to the question is approximately $18,375.65.