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Given the formula FV = P + Prt, what is the future value of a savings account that had an initial deposit of $7,900 earning 6.5% simple interest for 4 years?

Respuesta :

For alculation of future value:

[tex]FV=P+P\cdot r\cdot t[/tex][tex]\begin{gathered} P=7900\text{ (Initial deposit)} \\ r=0.065\text{ (6.5\% simple interest)} \\ t=4\text{ years (Time)} \end{gathered}[/tex]

Then, the future value will be calculated as follows:

[tex]FV=7900+(7900\cdot0.065\cdot4)=9954[/tex]

With an initial deposit of $7900, after 4 years with 6.5% simple interest, the ea

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