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Mandarinka [93]
3 years ago
13

Ten years ago, Emma purchased an investment for $22,500. The investment earned 7 percent interest each year. What is the value o

f the investment today?
Business
1 answer:
Komok [63]3 years ago
7 0

Answer:

$44,325.

Explanation:

In this question we use the future value formula which is shown below:

Future value = Present value × (1 + interest rate)^number of years

                     = $22,500 × (1 + 0.07)^10

                     = $22,500 × 1.97

                     = $44,325

We simply applied the future value by considering the present value, interest rate and the number of years

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