When you turned 8, a family member put $470 in a savings account to help save for college or another big life goal. If your savings account continuously earns 2.1% interest per year, how much will you have in your savings account when you turn 18? (Show your work)
To answer this, we will use the future value of lump sum deposit (refer to the attached picture). Substitute the following given to the formula. PV = 470 r = 2.1% t = 10 years
