Question

COMPOUND INTEREST:

You recently found out that your great-aunt passed away. Your aunt had decided to leave you an inheritance of 2,800,000, however, the will stipulates that this inheritance must remain in an investment account for the next ten years, with daily compound interest at a rate of 20% in exchange for taking care of your 34 cats. you will not be able to access this money until after this ten year period.

CAN SOMEONE HELP ME PLEASE ​

Answer 1

You will have $17,336,862 by the end of the ten years

Explanation:

The equation for compound interest is the amount(1+rate)^time

fill out the equation for 2,800,000(1.2)^10

2,800,000(6.19173642)

17336862

You will have $17,336,862 by the end of the ten years