Your 3 year investment of 20,000 received 5.2% interest compound annually. What is your total return?
1 answer:
Answer:
Given:
Principal (P) = $20,000 , interest rate compounded annually (r) = 5.2% = ; n = 1 , t = 3 years.
Using formula :
where
A is total return
P is the Principal ,
r is interest rate ,
n is the number of times interest is compounded per year
t is the time in year.
Substitute the given values we have;
Simplify:
A = $23285.05216
Therefore, your total return is, $23285.05216
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