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Answer to Question #233737 in Civil and Environmental Engineering for Alan Enrico V Tuib
Question #233737
A savings account earns 8% interest. If $1000 is invested, how many years is it until each of the following amounts is on deposit?
a. $1360
b. $2720
c. $4316
d. $6848
a. $1360
b. $2720
c. $4316
d. $6848
Expert's answer
The correct answer is: b) a. $2720
Pv = - $1,000
Pmt = $ 0
P/y = 1
r = 8 %
Fv = $2720
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