Respuesta :
Hello
To solve this question, we have a formula for this
[tex]\begin{gathered} fv=pv(1+r)^n \\ fv=\text{ future value} \\ pv=\text{present value} \\ r=\text{rate} \\ n=\text{times compounded} \end{gathered}[/tex]So we can define our values properly
[tex]\begin{gathered} fv=\text{?} \\ pv=700 \\ r=3\text{ \%}=0.03 \\ n=10 \end{gathered}[/tex]We should input the values into the equation and solve
[tex]\begin{gathered} fv=700(1+0.03)^{^{10}} \\ fv=700(1.03)^{10} \\ fv=700\times1.3439 \\ fv=940.74 \end{gathered}[/tex]From the calculation above, the future value of the loan is $940.74
