You put $2,000 in an investment account today which will earn 8% over the 14 years, what is the future value?
Compound Interest Forumla: A = P(1 + r/n)^(n·t)
A = Final Amount P = Initial Amount = 2000 r = rate (as a decimal) = 0.08
n = number of times compounded per year = 1 t = number of years = 14
A = 2000(1 + 0.08/1)^(1·14) = $5874.39
