Multiple Choice
If you put $100 into a bank account that earns 5 per cent interest per year,what is the formula you should use to determine the account's future value in one year?
A) Future value equals the present value divided by the rate of interest.
B) Future value equals the present value multiplied by the rate of interest.
C) Future value equals the present value multiplied by one plus the rate of interest in decimals.
D) All of these yield the same answer.
Correct Answer:
Verified
Correct Answer:
Verified
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