You deposit $200 today into a bank account. If the account earns 8% annually, how much will you have at the end of 10 years.

Question

Quizplus · Accepted Answer

The future value of an investment can be calculated using the formula FV = PV * (1 + r)^n, where PV is the present value ($200), r is the annual interest rate (0.08), and n is the number of years (10). Plugging in the values, FV = 200 * (1 + 0.08)^10 = 200 * 2.15892 = $431.78, which rounds to $432.

You Deposit $200 Today into a Bank Account