Answer:
FV= £12,362.7
Step-by-step explanation:
Giving the following information:
Initial investment (PV)= £12,000
Number of periods (n)= 2 years
Interest rate (i)= 1.5% = 0.015
To calculate the Future Value, we need to use the following formula:
FV= PV*(1 + i)^n
FV= 12,000*(1.015^2)
FV= £12,362.7
