If Joe has $5,600 today and invests it at a 10% interest rate, how much will he have in 12 years?
A) $17,393.60
B) $17,572.80
C) $15,770.49
D) $12,320.00

Question

Quizplus · Accepted Answer

The future value of an investment can be calculated using the formula FV = PV * (1 + r)^n, where PV is the present value ($5,600), r is the interest rate (0.10), and n is the number of years (12). Plugging in the values, FV = 5600 * (1 + 0.10)^12 = $17,572.80.

If Joe Has $5,600 Today and Invests It at a 10