SOLUTION: YOU CAN DEPOSIT $ 1,000 INTO AN ACCOUNT PAYING 10 % ANNUAL INTEREST EITHER TODAY OR EXACTLY 10 YRS FROM TODY . HOW MUCH BETTER OFF WILL YOU BE AT THE END OF 40 YRS IF YOU DECIDE TO

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Question 85622: YOU CAN DEPOSIT $ 1,000 INTO AN ACCOUNT PAYING 10 % ANNUAL INTEREST EITHER TODAY OR EXACTLY 10 YRS FROM TODY . HOW MUCH BETTER OFF WILL YOU BE AT THE END OF 40 YRS IF YOU DECIDE TO MAKE THE INITIAL DEPOSIT TODAY RATHER THAN 10 YRS HENCE ?
Answer by stanbon(48545) About Me  (Show Source):
You can put this solution on YOUR website!
Value = 1000(1+0.10)^10
Value = 1000(2.59)
Value = $2590.00 if the money is deposited now and compounded over 10 years.
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Cheers,
Stan H.