Question #233737

A savings account earns 8% interest. If $1000 is invested, how many years is it until each of the following amounts is on deposit?

a. $1360

b. $2720

c. $4316

d. $6848

a. $1360

b. $2720

c. $4316

d. $6848

Expert's answer

The correct answer is: b) **a. $2720**

Pv = - $1,000

Pmt = $ 0

P/y = 1

r = 8 %

Fv = **$2720**

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