Answer:
Results are below.
Explanation:
Giving the following information:
Initial investment (PV)= $3,400
Interest rate (i)= 5% = 0.05
Number of years= ?
To calculate the future value, we need to use the following formula:
FV= PV*(1+i)^n
For example:
n= 10 years
FV= 3,400*(1.05^10)
FV= $5,538.24
n= 8 years
FV= 3,400*(1.05^8)
FV= 5,023.35
