What is the future value (FV)of $60,000 in five years,assuming the interest rate is 5% per year?
A)$62,500.00
B)$72,674.86
C)$75,000.00
D)$76,576.89

Question

Quizplus · Accepted Answer

The future value is calculated using the formula FV = PV * (1 + r)^n, where PV is the present value ($60,000), r is the interest rate (0.05), and n is the number of years (5). Plugging in the values: FV = $60,000 * (1 + 0.05)^5 = $76,576.89.

What Is the Future Value (FV)of $60,000 in Five Years,assuming