What Is the Future Value of $375 at an Interest

question 91

Multiple Choice

What is the future value of $375 at an interest rate of 3 percent one year from today?

• A)$371.75
• B)$386.25
• C)$393.33
• D)None of the above are correct to the nearest cent.

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Definitions:

FICA-Medicare

A federal insurance contribution act tax specifically designated for Medicare, a portion of the payroll tax paid by employees and employers to fund the Medicare program.

Medical Benefits

Health-related benefits, typically provided by an employer, that cover medical expenses for employees.

Overtime Rate

The increased pay rate employers are required to pay employees for hours worked beyond the standard workweek, typically 1.5 times the regular hourly rate.

Net Pay

The amount of an employee's salary that remains after deducting taxes and other statutory deductions.