If you invest $1,000 in a savings account with an annual interest rate of 5% compounded annually, the future value of this investment in 5 years would be calculated as $1,000 multiplied by (1 + 0.05)^5, which equals approximately $1,276.28.
During the financial planning meeting, the advisor calculated the future value of the client's current investments to estimate the amount available at retirement.
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