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  • 23-01-2024
  • Mathematics
contestada

URGENT
Show the math for every 3 years:
1000 dollars invested for the first 10 years of your 30 year career at a 10% interest

Respuesta :

andyzhuangzixian andyzhuangzixian
  • 23-01-2024

Answer: $2593.74.

Step-by-step explanation:

A = P(1 + r/n)^(nt)

Where:

A = the future value of the investment

P = the principal amount (initial investment)

r = annual interest rate (as a decimal)

n = number of times the interest is compounded per year

t = number of years

In this case, P = $1000, r = 10% = 0.10, n = 1 (compounded annually), and t = 10 years.

A = 1000(1 + 0.10/1)^(1*10)

A = 1000(1 + 0.10)^10

A = 1000(1.10)^10

A ≈ 1000(2.59374)

A ≈ $2593.74

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