Ringo now has $700. How much would he have after 4 years if he leaves it invested at 6% with annual compounding?

$883,74

Explanation:

The amount that would result after 4 years is called the Future Value (FV). this is calculated using Time Value of Money Techniques.

Using a Financial Calculator, this will be calculated as follows :

PV = $700

N = 4

I = 6%

PMT = 0

P/YR = 1

FV = ?

Entering the values as shown gives a Future Value (FV) of $883,74.

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