Asked by Alexandra Ibanez on Apr 24, 2024
If the interest rate is 11 percent, what is the future value of $6,000 three years from now?
A) $8,206
B) $7,980
C) $7,500
D) $8,460
Interest Rate
It represents the cost of borrowing money or the reward for saving, crucial for personal finance and economic policy decisions.
Years
Units of time that represent a period approximately equal to 365 days, used to measure duration or age.
- Describe how interest rates, inflation, and genuine investment returns are interconnected.
Learning Objectives
- Describe how interest rates, inflation, and genuine investment returns are interconnected.