Thomas Taylor is planning to invest $29,000 today in a mutual fund that will provide a return of 8 percent each year. What will be the value of the investment in 10 years? (If you solve this problem with algebra round intermediate calculations to 6 decimal places, in all cases round your final answer to the nearest penny.)
Future value | FV= | PV × (1+r)^N | |
Where as: | |||
Present value | PV= | 29,000 | |
Rate of interest | r= | 8.00% | |
Number of years | N= | 10.00 | |
Future value | FV= | 29000 × (1+0.08)^10 | |
FV= | 62,608.82 |
Answer is $62,608.82
please rate.
SOLUTION :
Value in 10 years
= A(1+r)^10
= 29000*(1 + 0.08)^10
= 62608.82 ($) (ANSWER)
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