At an annual interest rate of 8% compounded annually,$5,300 will accumulate to a total of $7,210.65 in 5 years.(PV of $1,FV of $1,PVA of $1,and FVA of $1)$\bold{\text{(Use appropriate factor(s)from the tables provided.)}}$

Question

Quizplus · Accepted Answer

To calculate the future value of $5,300 at an 8% annual interest rate compounded annually for 5 years, you use the formula $FV = PV \times (1 + r)^n$, where $PV$ is the present value, $r$ is the annual interest rate, and $n$ is the number of years. Using the given values, $FV = 5300 \times (1 + 0.08)^5$, which does not equal $7,210.65.

At an Annual Interest Rate of 8% Compounded Annually,$5,300 Will (Use appropriate factor(s)from the tables provided.)\bold{\text{(Use appropriate factor(s)from the tables provided.)}}(Use appropriate factor(s)from the tables provided.)

At an Annual Interest Rate of 8% Compounded Annually,$5,300 Will $\bold{\text{(Use appropriate factor(s)from the tables provided.)}}$