Financial Technology Center - School of Business - Central Connecticut State University

You deposited $1,000 in a savings account that pays 8 percent interest, compounded Annually, planning to use it to finish your last year in college. Eighteen months later, you decide to go to the Rocky Mountains to become a ski instructor rather than continue in school, so you close out your account. How much money will you receive?

Financial calculator solution:

Inputs:

N =1.5 * 1

I = 8 / 1

PV = -1000

PMT = 0


Output: FV =