The future value of $500 deposited into an account paying 8% annually for three years is: - 4552

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Request Description

The future value of $500 deposited into an account paying 8% annually for three years is:

a.$500.

b.$630.

c.$700.

d.$620.

          Future value = Present value * (1 + r) n. N = 3, present value = $500 and r = 8%

Solution Description

The future value of $500 deposited into an account paying 8% annually for three years is: