The future value of $800 deposited today would be greater if that deposit earned 8% rather than 7.75%.

Name: The future value of $800 deposited today would be greater if that deposit earned 8% rather than 7.75%.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The higher the interest rate, the more quickly the money will grow, resulting in a higher future value. Therefore, if the deposit earned 8% instead of 7.75%, the future value would be greater.

The Future Value of $800 Deposited Today Would Be Greater