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## What is the future value of $500 deposited for one year earning a 8 percent interest rate annually? leave answer as a whole number

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What is the future value of $500 deposited for one year earning a 8 percent interest rate annually? leave answer as a whole number, with $.

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Math High School
2 weeks
2022-12-27T17:05:25+00:00
2022-12-27T17:05:25+00:00 1 Answer
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## Answer ( 1 )

$500for a year at an interest rate of8% eachyear, you will end up with $540 in your account at the end of that year.## What is the future value of $500 deposited for one year earning an 8 percent interest rate annually?

future value,abbreviated asFV, is the value that asset is expected to have at some point in the future, based on a projected rate of growth. Because investors and financial planners use it to predict how much money aninvestmentmade now will be worth in the future, thefuture valueis very significant to these professions.future value = $540uture value