SOLUTION: While going through some items of his dead grandmother, Deigo discovers that she deposited $500 at a 3% annual interest rate in a savings account for him fifty years ago. How much

Algebra ->  Finance -> SOLUTION: While going through some items of his dead grandmother, Deigo discovers that she deposited $500 at a 3% annual interest rate in a savings account for him fifty years ago. How much       Log On


   

Question 1036028: While going through some items of his dead grandmother, Deigo discovers that she deposited $500 at a 3% annual interest rate in a savings account for him fifty years ago. How much money is in the account? Assume interest was compounded annually.
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
FV=500(1.03)^50
FV=500(4.384)
FV=$2192