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alexira [117]
1 year ago
13

What is the future value of 800 depoosit for one year earning an interest rate of 8 percent per year

Business
1 answer:
Afina-wow [57]1 year ago
4 0

The future value of 800 deposit for one year earning an interest rate of 8 percent per year is 864.

Solution:

Future value = Present value * (1 + interest rate/100)^n

Given,

Present value = 800

Interest rate = 8%

Time = 1

Future Value = 800*(1+8/100)^1

                    = 800*(1+0.08)

                    = 800*1.08

                    = 864

<h3>What is future value?</h3>

A financial concept known as future value places a value on an asset based on anticipated factors like future interest rates or cashflows. Knowing how much their investment would be in five years, given a projected rate of return, may be valuable for an investor. Future value is the idea of taking the investment's current value, applying anticipated growth, and estimating what the investment will be in the future.

To learn more about future value visit:

brainly.com/question/14860893

#SPJ4

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