What's the Future Value of $1,500 After 5 Years If

question 31

Multiple Choice

What's the future value of $1,500 after 5 years if the appropriate interest rate is 6%,compounded monthly?

• A)$1,922.11
• B)$2,023.28
• C)$2,124.44
• D)$2,230.66

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Definitions:

United States

A country located primarily in North America, consisting of 50 states and a federal district.

Hats

A headwear item designed for various purposes including protection from weather, ceremonial reasons, religious reasons, safety, or fashion.

Production

The method of integrating different physical and non-physical inputs, such as materials and ideas, to produce goods for use.

Opportunity Costs

Missing out on potential benefits from various options due to the selection of a single alternative.