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07-03-2022
Mathematics

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Mary invests $2500 at a rate of 7 1/2% . What will her balance be at the end of three years?

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07-03-2022

If she invests 2500 with an annual rate of 0.075 then the equation to use will be
FV = PV(1+I)^N
Where FV = future value
Pv = present value
I = interest rate
N = number of compounding periods
So fv = 2500(1+0.075)^3
Using online calc Fv= $3105.74

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