Answer:
FV= $160.68
Step-by-step explanation:
Giving the following information:
Initial investment= $150
Interest rate= 3.5% compounded annually
Number of periods= 2
To calculate the future value, we need to use the following formula:
FV= PV*(1+i)^n
PV= present value
i= interest rate
n= number of periods
FV= 150*(1.035^2)
FV= $160.68
