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Christy Reed has been depositing $2,000 in her savings account every December since 2001. Her account earns 7 percent compounded annually. How much will she have in December 2012? (Assume that a deposit is made in December of 2012.What is the Future Value?

Respuesta :

Answer:

Future Value is $35776.902

Explanation:

Given data

saving = $2000

rate = 7 % = 0.07

time = 12 year

to find out

Future Value?

solution

we will apply here future value formula that is

Future Value = saving × (1 + rate)^time - 1 /  rate

put all value here and we get

Future Value =2000 × (1 + 0.07)^12 - 1 / 0.07

Future Value = 2000 × 17.888451

Future Value is $35776.902

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