Write the Formula for Finding the Future Value of $1,000

question 169

Short Answer

Write the formula for finding the future value of $1,000 today in 10 years if the interest rate is 4 percent.

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Definitions:

Electronic Funds Transfers

The transfer of money between accounts by electronic means rather than the use of cash or paper documents.

Float Time

The period between when a check is deposited into a bank account and the time the funds are available for use.

Substitute Check

A digital reproduction of an original paper check that is legally considered the same as the original for processing payments.

Collection Process

The steps taken by creditors to collect debts owed to them by debtors, which may include notifications, negotiation, and legal action.