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Suppose you put $500 into a bank account today. interest is paid annually and the annual interest rate is 3 percent. the future value of the $500 after 1 year is
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Suppose you put $500 into a bank account today. interest is paid annually and the annual interest rate is 3 percent. the future value of the $500 after 1 year is

User Kedves Hunor
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1 Answer

1 vote
A=p (1+r)^t
A=500×(1+0.03)^(1)
A=515
User Jerome Indefenzo
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8.2k points
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