The future value of $2,000 invested at 6% in 3 years would result in a value of:
A)$2,000
B)$2,382
C)$6,362
D)none of the above

Question

Quizplus · Accepted Answer

To calculate the future value, we use the formula FV = PV*(1+r)^n, where PV is the present value, r is the interest rate, and n is the number of years. In this case, PV = $2,000, r = 6%, and n = 3. Plugging in these values, we get FV = $2,382. Therefore, the best choice is B.

The Future Value of $2,000 Invested at 6% in 3