What is the future value of $4,160 invested for eight years at 8.5% compounded annually?
A) $6,988.80
B) $7,989.71
C) $8,122.20
D) $8,211.29
E) $8,404.12

Question

Quizplus · Accepted Answer

The future value of an investment is calculated using the formula FV = PV(1 + r)^n, where FV is the future value, PV is the present value or initial investment, r is the annual interest rate (in decimal form), and n is the number of years the money is invested for. Plugging in the given values: FV = $4,160(1 + 0.085)^8 = $7,989.71.

What Is the Future Value of $4,160 Invested for Eight