Suppose you put $500 into a bank account today. Interest is paid annually and the annual...

Question

Question

business economics

Answer 1

Answer #1

Answer

●$575.00

Principal amount(P)=500

Number of years(N)=5

Rate of interest(R). =3%

Interest=P×N×R

=500×5×3/100

=75

Future value = Deposit + interest

=$500+$75

=$ 575

Answer 2

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