SOLUTION: Which is the better investment for 9 years: investing $500 at 10% APR or $1,000 at 2% APR? Both investments have annual compounding. Round your answers to two decimal places.
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Question 1131106: Which is the better investment for 9 years: investing $500 at 10% APR or $1,000 at 2% APR? Both investments have annual compounding. Round your answers to two decimal places.
After 9 years, $500 at 10% APR would grow to _____
After 9 years, $1,000 at 2% APR would grow to ____
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
The future value 
of an initial investment of 
for 
years at 
% annual interest compounded 
times per year is given by:
^{nt})
Just do the arithmetic.
John
My calculator said it, I believe it, that settles it
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