You invested 52,400 at 7% compounded annually for 10 years what is your total return on this investment

Question

asked Sep 14, 2024 85.4k views

2 Answers

Lomaxx · Answer 1 · 2024-09-14T11:56:18+0000

Answer:

103,078.73.

Explanation:

Amount after n years = P(1 + r/100)^n where P is amount invested, r is the percentage rate and n = number of years.

So, here we have:

Total after 10 years = 52400(1 + 7/100)^10

= 52400 * 1.967151357

= 103,078.73.