You wish to make a substantial down payment on a lake cottage and you currently have $18,325 invested at an annual rate of 4.75%. How much money will be in the account in 2.5 years if it continues to earn at its present rate?
A) $18,325
B) $19,464
C) $20,579
D) $20,605
Answer: C
Explanation: C) FV = PV ∗ (1 + r)n = $18,325 ∗ (1.0475)2.5 = $20,579
MODE = END
INPUT 2.5 4.75 -18,325 0 ?
KEY N I/Y PV PMT FV
CPT 20,579
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