Answer to Question #286917 in Financial Math for Yangyang

Question #286917

7. Mary deposits ₱6,000 into an account earning 4% annually. After 8 years what will Mary's balance have grown to, including interest?

Expert's answer

If Mary deposits ₱6,000 into an account earning 4% annually, then after 8 years Mary's balance will be:

"FV = 6,000\u00d7(1 + 0.04)^8 = 8,211.41."

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