What is the future value (FV)of $20 000 in four years, assuming the interest rate is 12% per year?
A)$32 020.64
B)$28 292.66
C)$31 470.39
D)$17 096.08

Question

Quizplus · Accepted Answer

We can use the compound interest formula: FV = PV*(1+r)^n, where PV is the present value, r is the interest rate, and n is the number of years. Plugging in the values, we get:
FV = $20,000*(1+0.12)^4 = $31,470.39
Therefore, the best choice is C.

What Is the Future Value (FV)of $20 000 in Four