How much money will you have after 10 years if you invest $2,500 into an account that pays 12% per year, compounded annually? (Remember, the formula is A = P(1 + r)t.)

Question

asked Mar 1, 2020 105k views

1 Answer

Dmitry Tokarev · Answer 1 · 2020-03-06T13:20:09+0000

REMEMBER 2,500 multiplied by .12 will give you the amount they pay you in one year.

SO.......

2,500(.12) = 300(10 years)= 3,000 + 2,500= 5500 I think......