You have just placed $500 in a bank account that earns an annual rate of return of 6%.How much will you have in that bank account after 6 years?
A)$652.48
B)$709.26
C)$787.66
D)$758.66
E)$801.68

Question

Quizplus · Accepted Answer

The future value of an investment is calculated using the formula FV = PV(1 + r)^n, where FV is the future value, PV is the present value or initial investment, r is the annual interest rate (as a decimal), and n is the number of years. Plugging in the given values: FV = $500(1 + 0.06)^6 ≈ $709.26.

You Have Just Placed $500 in a Bank Account That