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3 years ago

John invested $17,500 that

Mathematics

1 answer:

babymother [125]3 years ago

6 0

Answer:

The future value of the investment after 10 years is $ 29,240.53

Step-by-step explanation:

1. Let's review the information given to us to answer the question correctly:

Principal = $ 17,500

Interest rate = 5.2% = 0.052 compounded semiannually

Time = 10 years = 20 semesters

2. What is the future value of the investment after 10 years?

Let's use the formula of the Future Value, to calculate it for this investment:

FV = P * (1 + r) ⁿ

Let's replace with the real values:

FV = 17,500 * (1 + 0.052/2)²⁰

FV = 17,500 * 1.670887521

FV = 29,240.53

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