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 $.

Answers

If you invest $500 for a year at an interest rate of 8% each year, you will end up with $540 in your account at the end of that year.

This is further explained below.

What is the future value of $500 deposited for one year earning an 8 percent interest rate annually?

Generally, A present asset’s future value, abbreviated as FV, 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 an investment made now will be worth in the future, the future value is very significant to these professions.

Interest for the year = 8/100 *500

Interest for the year = 40

therefore,

future value = 500+40

future value = $540

In conclusion, the future value of $500 deposited for one year earning a 8 percent interest rate annually is

$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