If a person saves $1, 000, how much will she have at the end of three years if the market interest rate is 6 percent?

Name: If a person saves $1, 000, how much will she have at the end of three years if the market interest rate is 6 percent?
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Question

Quizplus · Accepted Answer

The future value of the savings can be calculated using the formula for compound interest: FV = P(1 + r)^n, where P is the principal amount ($1,000), r is the interest rate (0.06), and n is the number of years (3). So, FV = 1000(1 + 0.06)^3 = $1,191.

If a Person Saves $1, 000, How Much Will She