What is the future value of $200 invested for 10 years at an annually compounded interest rate of 2% p.a.?
A)$438.00
B)$243.80
C)$254.60
D)$242.00

Question

Quizplus · Accepted Answer

The future value of an investment is calculated using the formula FV = PV(1 + r)^n, where PV is the present value, r is the annual interest rate, and n is the number of years. Plugging in the values: FV = $200(1 + 0.02)^10 = $200(1.02)^10 ≈ $243.80.

What Is the Future Value of $200 Invested for 10