Question #58408

Find the future value (FV) of a bank account starting with $500 and with compounding interest rate of 3% per year, using the formula:

Expert's answer

In[1]:= startingValue= Quantity[500, "USDollars"];

interestRate= .3;

numberOfYears = 5;

In[4]:= futureValue[s_, i_, n_] := s+n*i*s;

In[5]:= futureValue[startingValue, interestRate, 1]

Out[5]= $650.

In[6]:= futureValue[startingValue, interestRate, 5]

Out[6]= $1250.

interestRate= .3;

numberOfYears = 5;

In[4]:= futureValue[s_, i_, n_] := s+n*i*s;

In[5]:= futureValue[startingValue, interestRate, 1]

Out[5]= $650.

In[6]:= futureValue[startingValue, interestRate, 5]

Out[6]= $1250.

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