The balance in Kia’s account after 2 years is $2,977.54
The balance in Kia’s account after 3 years is $3,156.19
What is future value of the deposit?
The future value of the deposit, is the equivalent future worth of the deposit after having earned interest over the 2-year and 3-year periods using the future value formula of a single cash flow as shown below:
FV=PV*(1+r)^N
FV=balance after 2 and 3 years
PV=initial deposit=$2,650
r=interest rate=6%
N=number of years 2 and 3 years respectively
FV(2 years)=$2,650*(1+6%)^2
FV(2 years)=$2,977.54
FV(3 years)=$2,650*(1+6%)^3
FV(3 years)=$3,156.19
Find out more about future value on:https://brainly.com/question/14394797
#SPJ1
