The future value of $2,000 invested today at 6% in 3 years would result in a future value of:
A)$2,000
B)$2,382
C)$6,362
D)none of the above

Name: The future value of $2,000 invested today at 6% in 3 years would result in a future value of: A)$2,000 B)$2,382 C)$6,362 D)none of the above
Brand: Quizplus
Rating: 4.7 (38 reviews)

Question

Quizplus · Accepted Answer

Using the future value formula: FV = PV x (1 + r)ⁿ
where PV = present value, r = interest rate, and n = number of periods
we get FV = 2,000 x (1 + 0.06)³ = $2,381.97 ≈ $2,382. Therefore, the correct answer is B.

The Future Value of $2,000 Invested Today at 6% in 3