Question

16. An initial investment of $10,000 grows at 11% per year. Calculate its value after 5 years.

Show work please

Answer 1

16850.58 (2DP)

Explanation:

Compound Interest Formula = P(1 +
`(r)/(100)`)^t

P = 10,000

Rate = 11%

Time = 5 years

10000(1.11)^5 = $16850.58