ENTREPRENEURIAL PLANNING
BUSINESS PLAN DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Person Alpha deposits $20, 000 into an account that pays 8% annual interest and holds it for 12 years. Future Values FV = PV(1+r)^n
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$51266.25
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$50363.40
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$53662.35
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$50266.25
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Explanation:
Detailed explanation-1: -$3188, 32 invested into an account paying 9% compounded daily will accumulate to $5, 000 in five years.
Detailed explanation-2: -You can calculate the simple interest you’ll earn in a savings account by multiplying the account balance by the interest rate by the time period the money is in the account. Note that the interest in a savings account is money you earn, not money you pay. Here’s the simple interest formula: Interest = P x R x T.
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