Mathematics · Compound Interest
The future value (S) of a sum invested today can be calculated using the formula S = X(1 + r)n. What would be the future value of $5,000 invested today for four years at a compound rate of interest of 8% per annum (to the nearest $)?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1$5,800
- 2$6,298
- 3$6,802✓
- 4$7,100
Correct answer
$6,802
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