What is the future value of $1,500 invested at a 5% rate for 7 years?
A)$2,103.83
B)$1,066.02
C)$12,213.01
D)$2,110.65

Question

Quizplus · Accepted Answer

The future value of an investment can be calculated using the formula:FV = PV * (1 + r)^nwhere:PV is the present value of the investmentr is the annual interest raten is the number of yearsIn this case, the present value is $1,500, the annual interest rate is 5%, and the number of years is 7. Plugging these values into the formula, we get:FV = 1500 * (1 + 0.05)^7FV = 1500 * 1.4071FV = $2,110.65Therefore, the future value of the investment is $2,110.65.

What Is the Future Value of $1,500 Invested at a 5