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Please show work If you deposit $200 today and then $5000 in three years from now at 4% annual interest, how much will you have
Please show work
If you deposit $200 today and then $5000 in three years from now at 4% annual interest, how much will you have in 10 years?
Given formulas
- Lump Sum: FV=PV(1+r)t
- Lump Sum PV=FV/(1+r)t
- Lump Sum r=(FV/PV)1/t -1
- Annuity: FV=C(1+r)t-1r
- Annuity PV=C1-1(1+r)tr
- Perpetuity: PV=C/r
- Equivalent Annual Rate: EAR = 1+APRmm-1
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