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Homework answers / question archive / A retiree invests $4,000 in a savings plan that pays 4% per year
A retiree invests $4,000 in a savings plan that pays 4% per year. What will the account balance be at the end of the first year?
Account balance is as follows;
Future value = Present value ( 1 + r )n
here,
Present value= $4000
r= 4%
n= 1
Put the values in the formula;
= $ 4,000 x (1+ 4%)^1
= $ 4,160
