Amos has $1,000 in the bank earning 9%. The future value of the $1,000 in two years is about:

Name: Amos has $1,000 in the bank earning 9%. The future value of the $1,000 in two years is about:
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Question

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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. For Amos's investment, FV = $1,000(1 + 0.09)^2 = $1,000(1.09)^2 = $1,188.

Amos Has $1,000 in the Bank Earning 9