Explain the concept of the future value of a single amount.

Future Value

Future value is the value of a current asset at a specified date in the future based on an assumed rate of growth over time.

Single Amount

A lump-sum value; referring to a financial transaction or an accounting entry that involves only one amount rather than multiple payments or amounts.

Concept

An abstract idea or a general notion representing something, often used as a foundational principle or theory.