Molly Costner deposits $2,500 in her checking account today.Her checking account pays interest of 2.5% compounded annually.Assuming Molly does not withdraw any funds and does not deposit any additional funds,how much will be in her account in 25 years?
A) $4,096.54
B) $3,750.00
C) $4,102.52
D) $4,634.86
E) $4,062.50

Question

Quizplus · Accepted Answer

FV = PV × 11ea7fdb_fc24_3d2d_a768_dfcabd2be7f1_TB2902_00 FV = 2,500 × (1.025 11ea7fdb_fc24_3d2e_a768_9f2dca87b083_TB2902_00 = $4,634.86
Using a financial calculator:
N = 25, I/Y = 2.5, PV = -2500, PMT = 0, cpt FV = $4,634.86

Molly Costner Deposits $2,500 in Her Checking Account Today