You deposit $50 on your 18th birthday. You leave it in an account that earns 2.1% annual interest. How much is in the account on your 80th birthday? (Let's just pretend you are a patient person.)
80 - 18 = 62 years
FV = PV x [1 + R]^N
FV = 50 x [1 + 0.021]^62
FV = 50 x 3.6274....
FV = $181.37 - The amount in your account by age 80.
