Calculate the Future Value When PV = $1,000,the Interest Rate

question 4

Multiple Choice

Calculate the future value when PV = $1,000,the interest rate is 8%,and there are 9 years (periods) .

• A)$1,999.00
• B)$2,100.16
• C)$3,370.60
• D)$3,454.28

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Definitions:

Apples

Edible fruits from the apple tree, known for their sweet taste and crunchy texture, and used in a variety of culinary dishes.

Bananas

A type of fruit that is elongated, curved, and covered with a peel, typically yellow when ripe, and consumed as a sweet source of energy.

Perfect Substitute

Goods that can be used in place of one another with no loss of utility for the consumer, indicating a one-to-one substitutability.

Utility Function

A mathematical representation that assigns a level of utility or satisfaction to different bundles of goods, allowing preferences to be compared quantitatively.