Question

your intial deposit is 1000$.the account pays 10%interest annually .how much money you will have at the end of three years(find FV)?​

Answer 1

1300$

Explanation:

FV= I×(1+(R×T))

FV= 1000 (1+(10%×3))

Thus, FV= 1300$

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Answer 2

Given:

Initial deposit, I = 1000

Interest rate, R = 10%

Time, T = 3 years

To Find:

FV = ?

Solution:

As we know,

$FV=I\times [1+(R\times T)]$

On putting the estimated values in the above expression, we get

⇒    $=1000[1+(10\times 3)]$

⇒    $=1000\times 1.3$

⇒    $=1300$

So that the FV will be "$1300".