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A deposit of $10,000 now at a nominal interest rate of 10% per year will accumulate in 20 years to an amount equal to: a. $51,900 b. $54,600 c. $61,500 d. $67,280
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A deposit of $10,000 now at a nominal interest rate of 10% per year will accumulate in 20 years to an amount equal to:

a. $51,900
b. $54,600
c. $61,500
d. $67,280

User James Wright
by
7.5k points

1 Answer

1 vote
Use the formula: Amount
P = 10,000
r = 10%
t = 20 years
As the interest is compounded annually, thus we have taken the t=20.

Therefore the correct answer is D. $67,280
User Thomas Kuhlmann
by
7.8k points
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