What is the future value (FV) of $60,000 in five years, assuming the interest rate is 5% per year?

Name: What is the future value (FV) of $60,000 in five years, assuming the interest rate is 5% per year?
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Question

Quizplus · Accepted Answer

Using the formula for future value: FV = PV x (1 + r)^n
where PV is the present value, r is the interest rate, and n is the number of periods.

FV = 60,000 x (1 + 0.05)^5
FV = 60,000 x 1.27628
FV = $76,576.89

Therefore, the correct answer is A.

What Is the Future Value (FV) of $60,000 in Five