Carolina wants to know how much she will have available to spend on her trip to...

Carolina wants to know how much she will have available to spend on her trip to Belize in three years if she deposits $3,000 today at a compound interest rate of 9%. To answer her question, she should refer to which compound interest table?

	A.	Present Value of $1
	B.	Future Value of $1
	C.	Future Value of an Annuity of $1
	D.	Present Value of an Annuity of $1

Expert Solution

Correct answer---(B) Future Value of $1

Amount of deposit	FV Factor	Future value
$ 3,000.00	1.295	$ 3,885.00

Carolina would have $3885 after 3 years which can be calculated using FV of $1 table

ekkarill92 answered 2 years ago

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