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Calculate the future value of $2,000 in a. 5 years at an interest rate of 5% per year. b. 10 years at an interest rate
Calculate the future value of $2,000 in a. 5 years at an interest rate of 5% per year. b. 10 years at an interest rate of 5% per year. c. 5 years at an interest rate of 10% per year. d. Why is the amount of interest earned in part (a) less than half the amount of interest earned in part (b)? a. Calculate the future value of $2,000 in 5 years at an interest rate of 5% per year. The future value of $2,000 in 5 years at an interest rate of 5% per year is $. (Round to the nearest dollar.) b. Calculate the future value of $2,000 in 10 years at an interest rate of 5% per year. The future value of $2,000 in 10 years at an interest rate of 5% per year is $ (Round to the nearest dollar.) c. Calculate the future value of $2,000 in 5 years at an interest rate of 10% per year. The future value of $2,000 in 5 years at an interest rate of 10% per year is $ (Round to the nearest dollar.) d. Why is the amount of interest earned in part (a) less than half the amount of interest earned in part (b)? (Select the best choice below.)
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