You have $3000 to invest. How much will you have in twenty years if invested in...

Question

Question

Answer 1

Answer #1

Investment = $3,000

Period (N) = 20 years

Interest rate (R) = 4% per year

Future value = Present Value * (1 + R)^N

Future value = $3,000 * (1 + 0.04)²⁰

Future value = $3,000 * (1.04)²⁰

Future value = $3,000 * 2.19112314

Future value = $6,573.369

Future value = $6,573.37 (rounded off to '2' decimals)

Answer 2

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