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# An Interest Problem

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If I have 93¢ in a bank checking account with an annual interest of 2.25%, how much money will be in the bank checking account after 1000 years asuming I make no transactions?  I was watching Season 1 Episode 6 of "Futurama" on Comedy Central and Fry went to his bank to see how much money he has in his bank checking account and after calculating the annual interest, the bank teller said he has \$4,300,000,000 in his bank checking account.  Please show how you get to the answer including which equations/formulas you use and if the amount is equal to what was said on the episode or is different.  Thanks in advance.

gibsonj338  Jun 17, 2017
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FV = PV x [1 + R]^N

FV = \$0.93 x 1.0225^1,000

FV =\$0.93 x 4,605,923,064.21

FV = 4,283,508,449.71 - This is how much you will have after 1,000 years @ 2.25%.

Guest Jun 17, 2017

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