Question

Charles Wilson is planning to invest $27,000 today in a mutual fund that will provide a return of 10 percent each year. What will be the value of the investment in 10 years? (If you solve this problem with algebra round intermediate calculations to 6 decimal places, in all cases round your final answer to the nearest penny.)

Answer 1

Step-by-step explanation:

FVn = PV X (1 + i)n

FV10 = $27,000 X (1 + 0.10)10

= $27,000 X 2.59

= $70,031.05