twelve years ago you deposited 3400 into Twelve years ago yo

Twelve years ago, you deposited $3,400 into an account. You earned 8 percent, compounded annually, How much money do you have in your account today? 1) $7,666.67 2) $7,717.29 3) $8,411.90 4) $8,561.78 5) $8,721.97

Solution

Amount deposited 12 years back 3400 Future value factor at 8% of 12th year 2.51817 Amount in the account today 8561.78 Answer is 4). $ 8561.78