The investment will be $958.10 after 10 years
<h3>Compound interest?</h3>
The formula for calculating the compound interest is expressed as:
A = P(1+r)^n
where:
- P is the amount invested = $535
- r is the rate (in decimal) = 6% = 0.06
- t is the time = 10 years
Substitute the given parameters into the formula to hav:
A = P(1+r)^n
A = 535(1+0.06)^10
A =535(1.06)^10
A = 958.10
Hence the investment will be $958.10 after 10 years
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Karen can suck on diss co…
The interest received on a dollar invested over time is called Return on Investment (ROI
<h3>Return on Investment</h3>
It should be noted that if the dollar received today is not put into good investment it might as well be the same as the dollar received in future.
Money losses value overtime hence in other for money to have values it should be invest carefully and wisely.
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