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Ilia_Sergeevich
1 month ago
12

What is the future value of $375 at an interest rate of 3 percent one year from today? a. $371.75 b. $393.33 c. $386.25 d. none

of the above are correct to the nearest cent?
Business
1 answer:
Nady [3.6K]1 month ago
3 0
To determine the future value of a current investment, we apply the formula, F = P x (1 + i)^n, where F signifies the present value, F denotes the future value, i indicates the nominal interest rate, and n represents the number of years. By substituting the known figures, we find: F = ($375)(1 + 0.03)^1 = $386.25. Hence, the correct answer is option C. 
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