SOLUTION: Hi, Can you show me how to get the correct answer and the formula that should be used for the following problem: Is it more profitable to receive $2000 now or $3500 in 10 years

Algebra.Com
Question 855952: Hi,
Can you show me how to get the correct answer and the formula that should be used for the following problem:
Is it more profitable to receive $2000 now or $3500 in 10 years? Assume that money can earn 6% interest compounded monthly.
Thank you in advance
Answer by ewatrrr(24785)   (Show Source): You can put this solution on YOUR website!
 

Hi,



2000 in 10 years: 6% interest compounded monthly. 





Compare that to $3500 

RELATED QUESTIONS


Find the critical point of the function {{{y=-2(x-1)^2 -3}}} Then, determine whether the... (answered by richwmiller)

Hi; Can you show me how to work the following problem please?

The table used for table  (answered by nerdybill)

Hi, I hope you can help me here. The following is the problem I was given and honestly do  (answered by rothauserc,sanbadgerdude)

Hello Tutors,

the problem I am having trouble with is the following:

The purity of... (answered by josgarithmetic,greenestamps)

Hi!
I would like to know if you can help me with the following problem.

Three kinds... (answered by stanbon)

Hi, Could someone please show me how to get the correct answer from the problem below. I... (answered by jim_thompson5910)

I was wondering if someone who is an expert in this area could help me? I don't... (answered by jim_thompson5910)

This problem has me confused. Please show me what to do and how to get to the answer.... (answered by lwsshak3,ankor@dixie-net.com)

How would you solve the questions:

How long will it take for $1400 dollars to grow to... (answered by josmiceli,addingup,MathTherapy)