What will be the future value of $500 one year from now if the interest rate is 6%?
To calculate the future value of an investment, we can use the formula: Future Value (FV) = Present Value (PV) x (1 + r) Where: FV = Future Value PV = Present Value (the amount you are investing now) r = interest rate (expressed as a decimal) In this case: PV = $500 r = … Read more