Chapter P, Problem 35SBE

Future Value In certain savings scenarios, the value $F$ of an investment after $t$ years, the

future value, is given by $F=P{\left(1+r\right)}^t$. Here $r$ is the yearly interest rate as a decimal, $P$ is

the amount of the original investment and $t$ is the term of the investment. If we invest $\$1000$

at an interest rate of $0.06$ per year as a decimal, and if the term of the investment is $5$ years,

what is the future value?(continued)