Question

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

Answer 1

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