Assume that you deposit $ 1,704 into an account that pays 7 percent per annum. How...

Assume that you deposit $ 1,704 into an account that pays 7 percent per annum. How much money will be in the account 25 years from today? (Round your answer to 2 decimal places; record your answer without commas and without a dollar sign).

Solutions

Expert Solution

FV = PV(1 + r)^t

FV = $1,704(1 + 0.07)^25

FV = $9,248.35

jeff jeffy answered 2 years ago

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