Answer:
the amount have in five years is $1,338
Step-by-step explanation:
The computation of the amount have in five years is shown below
As we know that
Future value = Present value × (1 + rate of interest)^number of years
= $1,000 × (1 + 0.06)^5
= $1,000 × 1.06^5
= $1,338
Hence, the amount have in five years is $1,338
We simply applied the above formula so that the correct value could come
And, the same is to be considered
