Suppose you invest $10,000 in a mutual fund that earns 6% annual interest. What is the value of your investment 30 years later?
Show both the value and evidence of the thinking you used to calculate the value of the investment.
1 answer:
Answer:
$57400
Step-by-step explanation:
Given data
P= $10,000
R= 6%
T= 30 years
Let us Assume the investment is compounded Anually
A= P(1+r)^t
A=10000(1+0.06)^30
A=10000(1.06)^30
A=10000*5.74
A=$57400
Hence the Final Amount after 30 years compounded anually is $57400
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