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Financial contracts involving investments, mortgages, loans, and so on are based on either a fixed or a variable interest rate. Assume that fixed interest rates are used throughout this question. Emma deposited $500 in a savings account at her bank. Her account will earn an annual simple interest rate of 9%. If she makes no additional deposits or withdrawals, how much money will she have in her account in 11 years

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abiolataiwo2015

Answer:

$995.00

Explanation:

Calculation for how much money will she have in her account in 11 years

Using this formula

Future Value = Present Value + Present Value * Interest Rate ×Time Period

Let plug in the formula

Future Value = $500 + $500 ×0.09 × 11

Future Value =$500+$495

Future Value = $995.00

Therefore the amount of money she will have in her account in 11 years will be $995.00

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