What is the future value of $200 invested today for the next 3 years if the interest rate is 1 percent?
A)$200
B)$216.06
C)$206.06
D)$212.06
E)None of the above.

Question

Quizplus · Accepted Answer

The formula for calculating future value with compound interest is FV = PV x (1 + r)^n, where PV is the present value, r is the interest rate, and n is the number of periods. Plugging in the values given, we get:
FV = 200 x (1 + 0.01)^3
FV = 206.06
So the answer is C.

What Is the Future Value of $200 Invested Today for the Next