Register

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

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
219k views
2 votes
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
7.3k 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
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Other Questions

How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
The cost of 5 similar digital cameras and 3 similar video cameras is 3213. Each video camera costs 4 times as much as each digital camera. John buys a digital camera and a video camera. How much does he
Mr. Jacob is 55 years old and tony is 7 years old. in how many years will mr. Jacobs be 4 times as old as Tony
Link Copied!