At an annual interest rate of 7%, the future value of $5000 in five years is closest to:
Group of answer choices
$6715
$7015
$7315
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
A=$5000*(1.07)^5
=$5000*1.403
=$7015(Approx).
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