What is the future value of $950 deposited for one year earning an 8 percent interest rate annually? (Do not round intermediate calculations. Enter your answer as a whole number.)

Future value is $1,026

Explanation:

Future value id the accumulated amount of principal and compounded interest at the end of a specific investment period.

Future value = Principal value x (1 + rate of interest) ^number of year

Principal value = $950

Rate of interest = 8%

Number of year = 1

FV = $950 x (1 + 0.08) ^1

FV = 950 x 1.08

FV = $1,026