Question

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

Answer 1

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

$FV = 6,000×(1 + 0.04)^8 = 8,211.41.$