Find the future value, using the future value formula and a calculator.
$1,000 at % simple interest for 4 years

A) $1,310.00
B) $1,280.00
C) $1,560.00
D) $690.00
E) $310.00

Question

Find the future value, using the future value formula and a calculator. ​
$1,000 at  % simple interest for 4 years
​
A) $1,310.00 
B) $1,280.00 
C) $1,560.00 
D) $690.00 
E) $310.00

Quizplus · Accepted Answer

The future value formula for simple interest is: 
FV = P(1 + rt), where P is the principal, r is the annual interest rate, t is the time in years, and FV is the future value.
Using this formula, we have: 
FV = 1,000(1 + 0.11*4) 
FV = 1,000(1.44) 
FV = 1,440 
Therefore, the future value of $1,000 at 11% simple interest for 4 years is $1,440. The best choice is A, which is the closest answer to $1,440.

Find the Future Value, Using the Future Value Formula and a Calculator