Question 439412: If a nurse deposits $10,000 today in a bank account and the interest is compounded annually at 12%, what will the value of the investment be nine years from now?
Found 2 solutions by shantalboodram, stanbon:
Answer by shantalboodram(15)   (Show Source):
You can put this solution on YOUR website! F = P ( 1 + r/n)^(n x t)
F = final amount
P = principal amount (initial investment) = $10,000
r = annual nominal interest rate (as a decimal) = 12% = 0.12
n = number of times the interest is compounded per year = 1
t = number of years = 9
Therefore F = 10000( 1 + 0.12/1)^(1 x 9)
F = $27730.79
Answer by stanbon(75887)  (Show Source):
You can put this solution on YOUR website! If a nurse deposits $10,000 today in a bank account and the interest is compounded annually at 12%, what will the value of the investment be nine years from now?
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A(t) = P(1+(r/n))^(nt)
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A(9) = 10,000(1+(0.12/1))^(1*9)
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A(9) = 10,000*(1.12)^9
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A(9) = $27,730.78
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Cheers,
Stan H.
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