Greetings! I have about 6 word problems that are driving me crazy. I just need some assistance with the correct formulas. Here's the first one I tried.
1) $12,000 is deposited into a savings account paying 3% interest. After 4 years, how much money will I have?
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I used the formula FVIF i,n and financial table. FV = 12,000 (1.126) 3%, 4 yrs = $13,512
Is this correct? Thank you!
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1) $12,000 is deposited into a savings account paying 3% interest. After 4 years, how much money will I have?
[FONT="]
I used the formula FVIF i,n and financial table. FV = 12,000 (1.126) 3%, 4 yrs = $13,512
Is this correct? Thank you!
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