Nelson place $900 in savings account paying 8% interest compounded annually and wonders how much money will be in the account after 5 years.
Nelson will have a total of $1,322.40 in 5 years @ 8% comp.annually.
This is the formula you use to calculate this: FV=PV(1 + R)^N, Where R=Interest rate per period, N=number of periods, PV=Present value, FV=Future value.
