SOLUTION: one thousand dollars is invested at 12% interest compounded annually. determine how much the investment is after 2 years
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Question 73442This question is from textbook algebra and trigonometry structure and method
: one thousand dollars is invested at 12% interest compounded annually. determine how much the investment is after 2 years
This question is from textbook algebra and trigonometry structure and method
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
Use the formula:
Where A is the return, P is the invested amount, r is the interest rate, n is the compound frequency (since its annually n=1) and t is the time t=2 years
So after two years you'll have $1,254.4. This seems like a lot but doing more of these problems will help you grasp them better.
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