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Caleb invested

$

1400

$1400 in an account that pays 4% interest compounded annually. Assuming no deposits or withdrawals are made, find how much money Caleb would have in the account 7 years after his initial investment. Round to the nearest tenth (if necessary)

Respuesta :

The amount of money Caleb would have in his account after the inital investment is  $1,842.30.

What is the future value of the investment?

The formula for calculating future value:

FV = P (1 + r)^n

  • FV = Future value
  • P = Present value
  • R = interest rate
  • N = number of years

$1400 x (1.04)^7 = $1,842.30

To learn more about future value, please check: https://brainly.com/question/18760477

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