Question

Some investments in the stock market have earned 10% annually. At this rate, earning can be found using the formula A=p(1.10)n, where A is the total value of the investment, P is the initial value of the investment, and n is the number of years the money is invested. If $1,5oo is invested in the stock market at this annual rate of return, what is the expected total value after 18 years?
A.) $29,700.00 B.) $28,050.00 C.) $8,339.88 D.) $7,581.71 I need some help on this one, I cant figure it out. I would say what I think it is, but I don't even have a good guess.

Answer 1

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The answer to the above question is C which is $8,339.88. below is the solution:

just plug in 1500 for p, and 18 for n: 

1500(1.10)^18 = 8339.88