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February 27, 2015

February 27, 2015

Posted by **MONICA** on Wednesday, November 23, 2011 at 1:34pm.

What is the future value?

Ok found I think I found the interest

900x0.075=67.50 is this correct.Now I need help in finding the future value.

- ALGEBRA -
**Lee**, Wednesday, November 23, 2011 at 2:03pmYes, r=.075 x $900 = interest is $67.50

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r=.075 P=900

1 yr P+rP

or P(1+r) or 900(1+.075) = $967.50

2 yr (P+rP) + r(P+rP)

or P(1+r)^2 or 900(1+.075)^2 = $1040.06 in 2 years

So for future years the formula would be P(1+r)^x where x=number of years

- ALGEBRA -
**MONICA**, Wednesday, November 23, 2011 at 2:42pmThanks Lee

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