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Berto invested in a precious mineral. The value of the mineral tends to increase by about 11% per year. He invests $40,000 in 2015. How much more will his investment be worth in 2020?
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Berto invested in a precious mineral. The value of the mineral tends to increase by about 11% per year. He invests $40,000 in 2015.

How much more will his investment be worth in 2020?

User Nvinayshetty
by
7.7k points

1 Answer

5 votes
11% per year = 0.11 / year
Present value (2015) = $40,000
Future value (2020) = $40,000*(1+0.11)^(2020-2015)
=40000*1.11^5
=$67,402.33
User Teknotica
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