ANSWER:
PV = $1,000
I = 4%
N = 5 YEARS
FV = PV * (1 + I) ^ N
FV = 1,000 * (1 + 4%) ^ 5
FV = 1,000 * (1.04) ^ 5
FV = 1,000 * 1.2166
FV = 1,216.653
SO THE FUTURE VALUE IS $1,216.65
2. Suppose, you have deposited $1000 in your Arvest bank account at 4% nominal interest rate....
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