A $100 deposit today that earns an annual interest rate of 10% is worth how much at the end of two years? Assume all interest received at the end of the first year is reinvested the second year
A) $100
B) $120
C) $121
D) $122
Answer: C
Explanation: C) FV = PV ∗ (1 + r)n = $100 ∗ (1.10)2 = $121.00
MODE = END
INPUT 2 10 -100 0 ?
KEY N I/Y PV PMT FV
CPT 121.00
Business
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