SOLUTION: peel credit union expects sn average annual growth rate of 8% for the next five years if the assets of credit union Currently amount to $2.5 million what will be the forecast asset

Question 1129092: peel credit union expects sn average annual growth rate of 8% for the next five years if the assets of credit union Currently amount to $2.5 million what will be the forecast assets in five years
Found 2 solutions by josmiceli, stanbon:
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!

$3,673,320

Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
peel credit union expects sn average annual growth rate of 8% for the next five years if the assets of credit union Currently amount to $2.5 million what will be the forecast assets in five years
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Start:: 2.5 M
1st year:: 1.08*2.5M =
2nd year:: 1.08^2*2.5M =
....
5th year:: 1.08^5*2.5M = 3.6733M
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Cheers,
Stan H.
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