Question

be the better option 3. If, at age 17, you invest's10 000 at a rate of 10%/a compounded annually, how much money would you have by age 55?​

Answer 1

$ 374,043.43

Explanation:

Fisrt, we find out how long the money was invested. 55-17 = 38 years

Ten we use the simple Compund formula.

The formula for compound interest is A = P(1 + r/n)^(nt), where P is the principal balance, r is the interest rate, n is the number of times interest is compounded per time period and t is the number of time periods.