question archive Shawn has $2,500 invested at a guaranteed rate of 4
Shawn has $2,500 invested at a guaranteed rate of 4
Subject:FinancePrice:2.87 Bought7
Shawn has $2,500 invested at a guaranteed rate of 4.35 percent, compounded annually. What will his investment be worth after five years?
$3,093.16
$2,857.59
$3,288.00
$2,997.04
$3,321.32
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Answer:
Calculation of investment worth after five years:
Future Value = Amount invested ( 1 + r )n
where, r = rate of interest
n = number of years
Future Value = $2,500 * ( 1 + 0.0435)5
| =$3093.16 |
