Which One of the Following Is the Correct Formula for the Future

question 55

Multiple Choice

Which one of the following is the correct formula for the future value of $500 invested today at 7 percent interest for 8 years?

• A)FV = $500/[(1 + 0.08) × 7]
• B)FV = $500/[(1 + 0.07) × 8]
• C)FV = $500/(0.07 × 8)
• D)FV = $500 (1 + 0.07)⁸
• E)FV = $500 (1 + 0.08)⁷

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