Billy Bob has $1000. How much would he have after 12 years if he leaves it...
Billy Bob has $1000. How much would he have after 12 years if he leaves it invested at 10.7% with annual compounding. (Answer in $s to the nearest cent, i.e. xxxx.xx with no $ sign needed.)
Homework Answers
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
Hence
A=$1000*(1.107)^12
=$1000*3.386658848
=3386.66(Approx).
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