Question

A philanthropist pledges to donate 12.8% of a fund each year. If the fund initially has $629,000.00, how much will the fund have after 16 years?

Answer 1

Answer:$70,293.38

Explanation:

a×(b^n)

a=629,000

b= 100-12.8=87.2, 87.2÷100=0.872

n=number of years

629,000×(0.872^16)=70,293.38