The amount that would be accumulated at the end of 3 years is $1,837.56.
The amount that would be accumulated at the end of 6 years is $2251.10.
The amount that would be accumulated at the end of 9 years is $2757.69.
What is the future value?
The formula for calculating future value with annual compounding:
FV = P (1 + r)^n
- FV = Future value
- P = Present value
- R = interest rate
- N = number of years
The amount that would be accumulated at the end of 3 years = 1500 x (1.07)^3 = $1,837.56
The amount that would be accumulated at the end of 6 years = 1500 x (1.07)^6 = $2251.10
The amount that would be accumulated at the end of 9 years = 1500 x (1.07)^3 = $2757.69
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