If you deposit $100 in an account earning 6%, how much would have in the account after 1 year? you

PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
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Chapter2: Using Financial Statements And Budgets
Section: Chapter Questions
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Future Value - single sums
If you deposit $100 in an account earning 6%, how
much would you have in the account after 1 year?
PV = -100
FV = 106
1
Mathematical Solution:
FV = PV (FVIF)
i,n
FV = 100 (FVIF
) (use FVIF table, or)
.06, 1
FV = PV (1 + i)"
FV = 100 (1.06)
%3D
= $106
Page
Transcribed Image Text:Future Value - single sums If you deposit $100 in an account earning 6%, how much would you have in the account after 1 year? PV = -100 FV = 106 1 Mathematical Solution: FV = PV (FVIF) i,n FV = 100 (FVIF ) (use FVIF table, or) .06, 1 FV = PV (1 + i)" FV = 100 (1.06) %3D = $106 Page
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