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You will receive $15000 I’m two years when you graduate. You plan to invest this at an annual interest rate of 6.5 percent. How much money will you have 8 years from now?

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znk

You will have $24 824.94 eight years from now.

The formula for the future value (FV) of her investment is

FV =C(1 + r)^n

where C = her initial cash

r = the interest rate

n = the number of years

FV = $15 000(1.065)^8 = $24 824.94

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