Question

35) The future value of $2,000 invested at 6% in 3 years would result in a value of: Select one: a. d. none of the above b. $6,362 c. $2,000 d. $2,382

Answer 1

Correct answer----(d) $2,382

Working

Year	Beginning balance	Interest earned	Ending balance
1	$        2,000	$        120*	$        2,120**
2	$        2,120	$        127	$        2,247
3	$        2,247	$        135	$        2,382

*6% of beginning year balance

**Beginning balance plus interest earned