What is the future value (FV)of $60 000 in five years, assuming the interest rate is 5% per year?
A)$75 000.00
B)$76 576.89
C)$62 500.00
D)$72 674.86

Question

Quizplus · Accepted Answer

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:

FV = $60,000 * (1+0.05)^5
FV = $76,576.89 (rounded to the nearest cent)

Therefore, the best choice is B.

What Is the Future Value (FV)of $60 000 in Five