Maekristen752viz
Answered

1. If you deposit P 1000.00 now a saving account that earns interest at 3.5% each year, how much money will be in the account at end of ten years, assuming you did not make any withdrawal nor did you deposit any additional amount of money. Round off your answer to the nearest centavo.​

Sagot :

Madwoman26viz

Answer:

FV = (P x r x t) + P

where,

P = principal amount

r = interest rate

t = number of years

therefore,

(P1,000 x 3.5% x 10 years) + P1,000

= P350 + P1,000

= P1,350

After ten years the P1,000 will become 1,350.