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If you put $700 in a savings account at an interest rate of 3 percent, how much money will you have in one year?

Respuesta :

Answer:

$721

Explanation:

The computation of the future value is shown below:

As we know that

Future value = Present value × (1 + interest rate)^number of years

                     = $700 × (1 + 0.03)^1

                     = $700 × 1.03

                     = $721

By applying the future value formula, we can get the value of money after considering the time period and the interest rate

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