Calculate, to the nearest cent, the future value FV of an investment of $10,000 at the stated interest rate after the stated amo

Question

Black_prince [1.1K]

3 years ago

15

Calculate, to the nearest cent, the future value FV of an investment of $10,000 at the stated interest rate after the stated amo

unt of time. 7.5% per year, compounded daily (assume 365 days/year), after 12 years

Mathematics

1 answer:

Fynjy0 [20] · Answer 1 · 2022-01-28T04:05:42+03:00

Fynjy0 [20]3 years ago

4 0

Answer: 1,000

First, you have to find how much 7.5% is coming out of 10,000. So in this case it's 750. Multiply 750 by 12 years. Thats 9000, you then subtract 9000 and 10,000 to get 1,000.