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Lelu [443]
2 years ago
14

If $1000 is invested at 6% interest, compounded annually, then after n years the investment is worth an

Business
1 answer:
Temka [501]2 years ago
6 0

Answer:

Results are below.

Explanation:

Giving the following information:

Initial investment= $1,000

Annual interest rate= 6% = 0.06

Number of periods= n

<u>To calculate the future value after "n" periods, we need to use the following formula:</u>

FV= PV*(1+i)^n

<u>For example:</u>

n= 6 years

FV= 1,000*(1.06^6)

FV= $1,418.52

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