Question

You are planning to invest $500 at 12% compounded annually. How much money would you have after 10,20 and 30 years?

Answer 1

Problem

If you deposit $500 into an account paying 12% annual interest compounded yearly , how much money will be in the account after 10 years?

Result

The amount is $1552.92 and the interest is $1052.92.

Problem

If you deposit $500 into an account paying 12% annual interest compounded yearly , how much money will be in the account after 20 years?

Result

The amount is $4823.15 and the interest is $4323.15.

Problem

If you deposit $500 into an account paying 12% annual interest compounded yearly , how much money will be in the account after 30 years?

Result

The amount is $14979.96 and the interest is $14479.96.