Ask questions and get helpful answers.

Find the future value of $800 deposited at 5% for 2 years if the account pays simple interest, and the account pays interest compounded annually

  1. 👍
  2. 👎
  3. 👁
  4. ℹ️
  5. 🚩

2 answers

  1. Find the future value of $700 deposited at 3% for 7 years if the account pays simple interest and the account pays interest compounded annually

    1. 👍
    2. 👎
    3. ℹ️
    4. 🚩
  2. Simple interest is just:
    Interest = Principle x rate x time
    be sure to write % as a decimal to 5% = .05 and 3% = .03
    You can add your interest to the original value to find the future value.

    Compounded annually:
    Future value = P(1+ rate)^time
    tiffany's problem:
    Future value = P(1+.03)^7

    1. 👍
    2. 👎
    3. ℹ️
    4. 🚩

Answer this Question

Related Questions

Still need help?

You can ask a new question or browse existing questions.