Help How much will $5,000 invested at 6% compounded annually amount to after 10 years?

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asked Jan 25, 2019 82.1k views

1 Answer

Pepijn Kramer · Answer 1 · 2019-01-29T13:19:49+0000

To find one year, here's the equation:
5000 + 0.06(5000)
For 10 years:
5000 + 10(0.06(5000))
Multiply:
5000 + 0.6(5000)
We can make it smaller:
1.6(5000) = 8000
You can make $8000

Help How much will $5,000 invested at 6% compounded annually amount to after 10 years?

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