$2,060.00 is the future value of $2000 earning 3% interest for 1 year.
What is future value and present value?
The quantity of cash that has to be paid in order to accomplish a particular future goal is known as the present value. The calculation is shown below-
Future Value = Present\ Value ( 1+ r )^n
Future Value = 2000 ( 1+ 0.03 )^1
Future Value = $2060
Thus, it is $2,060.00
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