315.73 would be in your savings account in 11 years after depositing $150 today if the bank pays 7 percent per year
Given
PV = 150
Interest rate (r) = 7%
No.of years = 11
FV = PV*(1 + r)^n
FV = 150*(1 + 7%)^11
FV = 150*(1.07)^11
FV = 315.73
Future value = 315.73
A savings account is a government-guaranteed financial product that allows you to grow your money. The best savings accounts have a high annualized rate of return (APY). The higher your APY, the more money you can make over time.
A savings account is interest-bearing savings account at a bank or other financial institution. These accounts typically pay moderate interest rates, but their security and reliability make them a great option for storing the cash you need for short-term needs.
Learn more about a savings account here: https://brainly.com/question/25787382
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