Suppose that you invest $10,000 in mutual fund that earns an average return of 8.5% per...
Suppose that you invest $10,000 in mutual fund that earns an average return of 8.5% per year. How much will be in your account at the end of 20 years? (Round your answer to the nearest dollar and do not include the "$" sign in your answer. If your answer is $124.83, enter it as 125.)
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.
A=$10000*(1.085)^20
=$10000*5.112046125
=51120(Approx).
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