Answer:
FV= $2,407.53
Step-by-step explanation:
Giving the following information:
Present Value (PV)= 1,300
Interest rate (i)= 4.5% = 0.045
Number of periods (n)= 14 years
To calculate the future value (FV) of the initial investment after 14 years, we need to use the following formula:
FV= PV*(1 + i)^n
FV= 1,300*(1.045^14)
FV= $2,407.53
