Question

The future value of $100 received today and deposited at 6 percent for four years is

Answer 1

Answer:

$124

Step-by-step explanation:

$100 received today , interest 6%

100/100x 6 =6, 4 years 6x4=24

100+24=124

Answer 2

Answer:

Given,

Principal = $100

Time Period = 4 Year

Interest = 6%/year

So, the interest of $100 for 1 year = $6

For 4 year = ($6×4) = $24

Now, total amount = $100+$24 = $124

So, the future value of $100 deposited at 6% for 4 year is $124.