Answer to Question #89098 in Financial Math for Nic

Question #89098
To be able to go on a trip to South America, Keiko decides to save for 4 years. She opens a savings account with $200. The account pays simple interest at an annual rate of 2%. She doesn't make any more deposits. Answer the following questions. If necessary, refer to the list of financial formulas.
1
Expert's answer
2019-05-07T04:07:28-0400

If Keiko decides to save for 4 years, and opens a savings account with $200 which pays simple interest at an annual rate of 2%, then the future value after 4 years is:

FV = 200×(1 + 0.02×4) = $216.


Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be first!

Leave a comment

Ask Your question

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS
paypal