You deposit $600 in an account earning 3% interest compounded annually. How much will you have...

You deposit $600 in an account earning 3% interest compounded annually. How much will you have in the account in 15 years?

Expert Solution

we have to find here future value of lumpsum

PV = 600, r = 3% , n = 15 years

FV = PV*(1+r)^n

FV = 600*(1+0.03)^15 = 600*1.5579674 = 934.78

Answer : 934.78

jeff jeffy answered 2 years ago

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