Question

What is the future value of $3,038 invested for 9 years at 5.6 percent compounded annually?

Answer 1

To get the future value we use the compound interest formula given by:
FV=P(1+r/100)^n
FV=future value
P=principle
r=rate
n=number of terms
From our question:
p=$3038, r=5.6%, n=9 years.

Hence:

FV=3038(1+5.6/100)^9
FV=$4,960.93