Answer:
FV= $2,571.41
Step-by-step explanation:
Giving the following information:
Initial investment (PV)= $1,500
Interest rate (i)= 0.045/12= 0.00375
Number of periods (n)= 12*12= 144 months
To calculate the future value, we need to use the following formula:
FV= PV*(1 + i)^n
FV= 1,500*(1.00375^144)
FV= $2,571.41
