SOLUTION: A bank account pays 2.3% interest per year. How much is a deposit of £400 worth after 5 years? Give your answer to the nearest penny.

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Question 931810: A bank account pays 2.3% interest per year.
How much is a deposit of £400 worth after 5 years?
Give your answer to the nearest penny.
Answer by ptfile(81) About Me  (Show Source):
You can put this solution on YOUR website!
Let FV = Future Value
PV = Present Value
R = Interest Rate
T = Number of Years
FV = PV (1+r)^t
FV = 400 (1+.023)^5
FV = 400 (1.023)^5
FV = 400 (1.120413076)
FV = 448.17
It would be worth £448.17 in 5 years