Question

Suppose you invest $5,000 at 9% interest, compounded annually, for 10 years. Determine the future value of your investment, using the compound interest formula.

Answer 1

Answer:

12256.79

Step-by-step explanation:

S=P(1+i)^n

i=9/12

=0.75

Divided by 100

=0.0075

n=12x10

=120

5000(1+0.0075)^120

=12256.79