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Suppose your friend’s parents invest $20,000 in an account paying 5% interest compounded annually. What will the balance be after 10yr?
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Suppose your friend’s parents invest $20,000 in an account paying 5% interest compounded annually. What will the balance be after 10yr?

User MichaelZ
by
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1 Answer

1 vote
Answer: $32,577.90

A = P (1+ r/n)^nt
P= 20000
R = .05
n = 1
t = 10
User Elewis
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