Question

Laura plans to deposit $350 into an account in one year, $400 into an account in two years, and $700 into an account in three years. If the stated interest rate of the account is 4 percent, what will the balance of Laura’s account be in five years?

Answer 1

Answer:

The answer is $1616.52

Explanation:

Future value = Σ C(1+i)^n

FV= 350(1.04)^4 + 400(1.04)^3 + 700 (1.04)^2= $1616.52