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23 August, 11:25

What is the future value of $950 deposited for one year earning an 8 percent interest rate annually? (Do not round intermediate calculations. Enter your answer as a whole number.)

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  1. 23 August, 11:54
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    Future value is $1,026

    Explanation:

    Future value id the accumulated amount of principal and compounded interest at the end of a specific investment period.

    Future value = Principal value x (1 + rate of interest) ^number of year

    Principal value = $950

    Rate of interest = 8%

    Number of year = 1

    FV = $950 x (1 + 0.08) ^1

    FV = 950 x 1.08

    FV = $1,026
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