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What is the future value of $900 deposited for one year earning an 8 percent interest rate annually?
What is the future value of $900 deposited for one year earning an 8 percent interest rate annually?
Expert Solution
Computation of the future value:-
FV = PV*(1+rate)^n
= $900*(1+8%)^1
= $900*1.08
= $972
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