Question

assume you deposit $4,580 into an account that pays interest of 3.13% p.a.. how much money will be in your account exactly 11 years from today?

Answer 1

Future Value:
FV = PV (1+r)^n
Where r is Int rate per period = 3.13 % or 0.0313
n - No. of periods = 11 years

Particulars	Amount
Present Value today	$            4,580.00
Int Rate	3.1300%
Periods	11

Future Value = Present Value * ( 1 + r )^n
= $ 4580 ( 1 + 0.0313) ^ 11
= $ 4580 ( 1.0313 ^ 11)
= $ 4580 * 1.4036
= $ 6428.37
Money will be in account after 11 years from today =  $ 6428.37