If the company deposits $2 million in a bank account that pays 6% interest annually, how much will be in the account after 5 years?
Tag: Future value
Future value
Your bank pays 5 percent annual interest compounded semiannually on your savings account. You don’t expect to add to the current balance of $2,700 over the next four years. How much money can you expect to have at the end of this period?