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  • 01-12-2020
  • Business
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You put $209 into an investment at 7% for four years. What will the balance be at the end of four years?

Respuesta :

Samawati
Samawati Samawati
  • 01-12-2020

Answer:

$273.96

Explanation:

The balance will be the future value of $209, at 7% for four years.

The formula for calculating the future value is as below.

FV = PV × (1+r)^n

Where PV is the present value, $209

r= is the interest rate  7% or 0.07

n= 4 years

FV = $209 x ( 1+ 0.07) ^4

Fv =$209 x 1. 310

Fv = 273.9563

Fv= 273.96

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