Question 138770: Please help.
Use the compound interest formulas A=P(1+r/n)^nt and A =P^ert to solve. Find the accumulated value of an investment of $17,000 at 12% compounded annually for 18 years.
Answer by checkley77(12844)   (Show Source):
You can put this solution on YOUR website! 17,000(1+.12)^18
17,000(1.12)^18
17,000*7.69
130,729 ANSWER FOR THE COMPOUNDING ANNUALLY.
-------------------------------------------------------------
I BELIEVE THIS CORRECT FORMULA IS [Pe^RT] WHERE e=2.718, R=ANNUAL RATE & T=NUMBER OF YEARS IS FOR A CONTINUOUS COMPOUNDING INVESTMENT.
17,000*2.7183^(.12*18)
17,000*2.7183^2.16
17,000*8.67
147,390 ANSWER.
|
|
|
