Question

Calculate the future value of a sum of 1000 if it is invested at 8% interest for a period of one year.​

Answer 1

Answer:

1080

Explanation:

p=1000

T=1

R=8

,I=1000×1×8÷100

=80

total amount =1000+80=1080

Answer 2

Future value = 1,080

Explanation:

Given:

Present value of amount = 1,000

Rate of interest = 8% = 8 / 100 = 0.08

Number of period = 1

Future value = ?

Computation of future value :

$Future value = Present\ value\ of\ amount (1+r)^n\\\\Future value = 1,000 (1+0.08)^1\\\\Future value = 1,000 (1.08)\\\\Future value = 1,080$

Future value = 1,080

Therefore, the Future value of the given amount is 1,080

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