If the interest rate is 4%, what is the approximate future value of $15,000 in 10 years?
A)$15,900
B)$17,949
C)$10,133
D)$22,204

Name: If the interest rate is 4%, what is the approximate future value of $15,000 in 10 years? A)$15,900 B)$17,949 C)$10,133 D)$22,204
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Question

Quizplus · Accepted Answer

The future value can be calculated using the formula FV = PV * (1 + r)^n, where PV is the present value, r is the interest rate, and n is the number of years. Plugging in the values: FV = $15,000 * (1 + 0.04)^10 ≈ $22,204.

If the Interest Rate Is 4%, What Is the Approximate