asked 164k views
22 votes
How much will you have in 10 years?

How much will you have in 10 years?-example-1

1 Answer

9 votes

Answer:

$4439.28

Explanation:

The future value is computed using the formula ...

FV = P(1 +r/n)^(nt)

where P is the principal invested at annual rate r compounded n times per year for t years.

Using the given values, the future value is ...

FV = $2000(1 +0.08/12)^(12·10) ≈ $4439.28

You will have $4439.28 in the account after 10 years.

answered
User Slims
by
8.0k points

No related questions found

Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.