+84 Gavin deposited $613 into a savings account seven years ago. The account earns an interest rate of 3.4% cmpounded monthly. What is the balance of the account today?
+37146 Same equation used for a lot of these questions....just different variable values
FV = PV (1+i)^n FV = Future value (what we are looking for in this Q)
PV = Present value = 613
i =decimal interest PER PERIOD (month) .034/12months = .00283333
n= periods 7 years x 12 months = 84
FV = 613 (1+.0028333)^84 = $ 777.46
