You invest $1,000 in a savings account with an annual interest rate of 5%, compounded annually. What will the value of the investment be after 3 years? A) $1,150.00 B) $1,157.63 C) $1,200.00 D) $1,215.00

EBK CONTEMPORARY FINANCIAL MANAGEMENT
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Chapter5: The Time Value Of Money
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You invest $1,000 in a savings account with an annual interest rate of 5%, compounded
annually. What will the value of the investment be after 3 years?
A) $1,150.00
B) $1,157.63
C) $1,200.00
D) $1,215.00
Transcribed Image Text:You invest $1,000 in a savings account with an annual interest rate of 5%, compounded annually. What will the value of the investment be after 3 years? A) $1,150.00 B) $1,157.63 C) $1,200.00 D) $1,215.00
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