Question

You invest $60,000 in the stock market. Since you are a math genius, you have found the secret key

to great returns. You average 22% return on your money. Assume daily compounding (n=365).
Using the compound interest equation: A = P(1 + )"
nt
How much money will be in the account in 15 years?

Answer 1

Answer: $1,184,537.217

Explanation:

You just multiply the number by 1.22 every year.

For example: year 1 (60,000 * 1.22)= 73,200

Year 2: (73,200 *1.22) =89,304

and so on until year 15 is reached.