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Jamarcus starts with $1,200 in a college savings account. His account earns interest at a rate of 1.8% compounded annually. How much money is in the account after 6 years?

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facundobuzzetti

Answer:

FV= $1,335.57

Step-by-step explanation:

Giving the following information:

Initial Investment (PV)= $1,200

Interest rate= 1.8% compounded annually

Number of periods= 6

To calculate the future value, we need to use the following formula:

FV= PV*(1+i)^n

FV= 1,200*(1.018^6)

FV= $1,335.57

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