Use difference equations to answer the question. 1. Compound Interest Calculate the future value of $1000 after

Question:

Use difference equations to answer the question.
1. Calculate the of $1000 after 2 years if deposited at 2.1% interest compounded monthly.
2. Calculate the of $3000 after 4 years if deposited at 2.1% interest compounded monthly.
Compound Interest
Compound interest (or compounding interest) is interest calculated on the initial principal, which also includes all of the accumulated interest from previous periods on a deposit or loan. Thought to have originated in 17th century Italy, compound... Future Value
Future value (FV) is the value of a current asset at a future date based on an assumed rate of growth. The future value (FV) is important to investors and financial planners as they use it to estimate how much an investment made today will be worth...