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What is the final value of a savings of S/ 7,000 made at the beginning of each year, for 6 years, to a bank account paid (interest) at 3.5% per year?

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Answer to a math question What is the final value of a savings of S/ 7,000 made at the beginning of each year, for 6 years, to a bank account paid (interest) at 3.5% per year?

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Fred
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To calculate the final value of the savings after 6 years with 3.5% interest per year, we can use the formula for compound interest:

$A = P(1 + r)^n$

where:
- A is the final amount,
- P is the principal amount (initial savings),
- r is the annual interest rate (in decimal form),
- n is the number of years.

Given:
- Principal amount, P = \$7,000 ,
- Annual interest rate, r = 3.5\% = 0.035 ,
- Number of years, n = 6 .

Substitute the values into the formula and solve for the final amount, A :

$A = 7000(1 + 0.035)^6$

$A = 7000(1.035)^6$

$A = 7000(1.228892)$

$A = 8602.244$

Therefore, the final value of the savings after 6 years with 3.5% interest per year is $\$8602.24$.

\boxed{8602.24}

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