kaitlynhetherington1
kaitlynhetherington1 kaitlynhetherington1
  • 14-01-2022
  • Mathematics
contestada

be the better option 3. If, at age 17, you invest's10 000 at a rate of 10%/a compounded annually, how much money would you have by age 55?​

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zrh2sfo
zrh2sfo zrh2sfo
  • 14-01-2022

Answer:

$ 374,043.43

Step-by-step explanation:

Fisrt, we find out how long the money was invested. 55-17 = 38 years

Ten we use the simple Compund formula.

The formula for compound interest is A = P(1 + r/n)^(nt), where P is the principal balance, r is the interest rate, n is the number of times interest is compounded per time period and t is the number of time periods.

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