Question

If a person spends $10 a week on coffee what would be the future value of that amount over 10 years of the funds were deposited in account earning 3%

Answer 1

Answer:

$725.76

Explanation:

Assuming each year has 52 weeks:

The persons will spend $ 520 per year.

using compound interest formula

FV = PV × (1+r)n

Future value= 520x(1+0.03)10

=520x1.343

=725.76