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Determining Future Value

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Question: What's the future value of $1,500 after 5 years if the appropriate interest rate is 12%, compounded monthly? Please select the best answer:

$1,922.11
$2,725.05
$2,600.11
$2,230.66
$2,342.19

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Solution Summary

This solution is comprised of a brief, but concise response which shows how to calculate future value when given the present value, interest rate and time period variables. All calculations are included.

Solution Preview

The FV is calculated as: FV = PV (1+rate)^n

- where:
PV = present ...

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