How much would be in your savings account in 10 years after depositing $50 today if the bank pays 7 percent interest per year?
A) $35.00
B) $98.36
C) $535.00
D) $690.82

Question

Quizplus · Accepted Answer

The future value of a single sum can be calculated using the formula FV = PV(1 + r)^n, where PV is the present value ($50), r is the annual interest rate (0.07), and n is the number of years (10). Plugging in these values gives FV = $50(1 + 0.07)^10 ≈ $98.36.

How Much Would Be in Your Savings Account in 10