If You Put $100 into a Bank Account That Earns

question 156

Multiple Choice

If you put $100 into a bank account that earns 5 per cent interest per year,what is the formula you should use to determine the account's future value in 1 year?

• A) Future value equals the present value divided by the rate of interest.
• B) Future value equals the present value multiplied by the rate of interest.
• C) Future value equals the present value multiplied by one plus the rate of interest in decimals.
• D) All of these yield the same answer.

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