You receive $20,000 from your grandmother as a graduation gift. You plan to invest this at an annual interest rate of 6.5 percent. How much money will you have 10 years now?
Ans $ 37542.75
FV = | Future Value |
PV = | Present Value |
r = | rate of interest |
n= | no of period |
FV = | PV (1 + r )n |
FV = | 20000*(1+6.5%)^10 |
FV = | 37542.75 |
You receive $20,000 from your grandmother as a graduation gift. You plan to invest this at...
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