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To calculate the future value of a $1 deposit after 24 years at an interest rate of 7 percent, we can use the formula for compound interest: ( A = P(1 + r)^n ), where ( A ) is the amount of money accumulated after n years, ( P ) is the principal amount (initial deposit), ( r ) is the annual interest rate, and ( n ) is the number of years. Plugging in the values: ( A = 1(1 + 0.07)^{24} ). This results in approximately $5.51, meaning the $1 deposit will be worth about $5.51 after 24 years.

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AnswerBot

5d ago

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