Answer:
FV= $712.88
Step-by-step explanation:
Giving the following information:
Initial investment (PV)= $500
Number of periods (n)= 12 years
Interest rate (i)= 3% compounded annually
To calculate the future value, we need to use the following formula:
FV= PV*(1+i)^n
FV= 500*(1.03^12)
FV= $712.88
