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Susan made 4 uniform annual deposits of $1800 in a savings account that earned an interest rate of 2% per year. Her last deposit was made 7 years ago. What is the future value of her savings 13 years from now, if she leaves the account untouched?

Respuesta :

Cricetus

Answer:

"$ 2,880" is the right answer.

Step-by-step explanation:

The given values are:

Annual deposit,

PV = $1,800

Interest rate,

r = 2%

or,

  = 0.02

As we know,

⇒  [tex]FV=PV\times (1+r)n[/tex]

On substituting the values, we get

⇒         [tex]=1,800\times (1 + 0.02) 4 + 7 + 13[/tex]

⇒         [tex]=1,800\times (1.02)24[/tex]

⇒         [tex]=1,800\times 1.6[/tex]

⇒         [tex]= 2,880[/tex] ($)

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