Respuesta :
Using a 10 percent interest rate, determine the future value in year 9 of a $2,000 deposit made in year one and another $1,500 deposit made at the end of year three.
Future value is $ 6,944.52.
What Is Interest?
- The financial fee for borrowing money is called interest, and it is typically stated as a percentage, such as an annual percentage rate (APR).
- For the use of their money, lenders may earn interest, and borrowers may pay interest.
- It's common to think of interest as compound interest or simple interest depending on the principal sum (based on principal and previously-earned interest).
- Credit cards, mortgages, auto loans, personal loans, savings accounts, and penalty assessments are all common examples of things that have interest attached to them.
- The Federal Funds Rate, established by the Federal Reserve, which determines macroeconomic policy, has a significant impact on interest rates.
To know more about Interest, refer to the following link:
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