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Five years from today, you plan to invest $4,900 for 8 additional years at 7.8 percent compounded annually. How much will you have in your account 13 years from today

Respuesta :

facundobuzzetti

Answer:

FV= $8,936.06

Explanation:

Giving the following information:

Initial deposit (PV)= $4,900

Number of periods (n)= 8 years

Interest rate (i)= 7.8%

To calculate the future value (FV), we need to use the following formula:

FV= PV*[(1+i)^n]

FV= 4,900*1.078^8

FV= $8,936.06

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