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FinnZ [79.3K]
3 years ago
7

You invested $52,400 at 6% compounded annually for 5 years. What is your total return on this investment?

Mathematics
2 answers:
sukhopar [10]3 years ago
5 0
First you have time multiply 52,400 time .06 to find the amount charged at time compounded times 5 for the amount of times compounded then add that number to 52,400 and get 68,120
Ad libitum [116K]3 years ago
3 0

Answer

$70,123

Step-by-step explanation:

Data:

Present Value (PV) : 52,400

Interest rate (r) : 6%

Years (n): 5

Formula:

a) FV=P(\frac{(1+r)^{n}-1 }{r})

b) P=\frac{r(PV)}{1-(1-r)^{-n} }

Replacing the values on the formula (b) we have that

P=\frac{0.06(52400)}{1-(1-0.06)^{-5} } = <u>12439.57</u>

Now that we know the value of P we can replace it on (a)

FV=12439.57(\frac{(1+.06)^{5}-1 }{.06}) = <u>70,123</u>

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