Multiple Choice
Which one of the following is the correct formula for the future value of $500 invested today at 7 percent interest for 8 years?
A) FV = $500/[(1 + 0.08) × 7]
B) FV = $500/[(1 + 0.07) × 8]
C) FV = $500/(0.07 × 8)
D) FV = $500 (1 + 0.07) 8
E) FV = $500 (1 + 0.08) 7
Correct Answer:
Verified
Correct Answer:
Verified
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