What is the future value of $1000 deposited for one year earning 5% interest rate annually?
A) $1000
B) $1005
C) $1050
D) $2050

Name: What is the future value of $1000 deposited for one year earning 5% interest rate annually? A) $1000 B) $1005 C) $1050 D) $2050
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Question

Quizplus · Accepted Answer

The future value is calculated using the formula: FV = PV * (1 + r), where PV is the present value ($1000) and r is the interest rate (5% or 0.05). So, FV = $1000 * (1 + 0.05) = $1050.

What Is the Future Value of $1000 Deposited for One