which of the following best describes the amount of money you'll have if you put $1,000 into a savings account earning 1% annual compound interest for 10 years?

A. The same $1000 you start with.
B Exactly $1100.
C. Slightly more than $1100.
D. $2000

The future value is the expected value of the current money as per the known growth rate and rate of return. It shows the worth of todays money in a specific time in the future based upon the known interest rate.

The correct option is C. Slightly more than $1100.

Computation:

Given:

Interest rate = 1%

number of years= 10 years

principal amount= $1000

Calculation:

[tex]\text{Future Value}=\text{Principle Amount}\times(1+\text{interest rate})^\text{no. of year}\\\\=\$1000\times(1+0.01)^{10}\\\\=\$1104.62[/tex]

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https://brainly.com/question/1759639

which of the following best describes the amount of money you'll have if you put $1,000 into a savings account earning 1% annual compound interest for 10 years? A. The same $1000 you start with. B Exactly $1100. C. Slightly more than $1100. D. $2000

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which of the following best describes the amount of money you'll have if you put $1,000 into a savings account earning 1% annual compound interest for 10 years?

A. The same $1000 you start with.
B Exactly $1100.
C. Slightly more than $1100.
D. $2000