You want to deposit $12,000 in a bank at an interest rate of 8 percent per year. What is the future value of this money after fi ve years?
2 answers:
<span>12,000×(1.08<span>)^5 </span></span><span>and a calculator</span>
The correct answer is: "$17,631.937"
If a certain amount of money wants to be expressed in money units of five years from now,<u> 'the Future Value Formula' needs to be applied:</u>
Future value= PV * (1 + i) ⁿ , where
PV = present value of the money depositedi = interest raten = number of periods that the money is deposited
FV = $12,000 * (1 + 0.08)^5= $17,631.937
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