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$10,000 for 20 years at 5% compounded annually
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2 votes
$10,000 for 20 years at 5% compounded annually

User Jeroen Kransen
by
6.3k points

1 Answer

2 votes

Answer:

$26532.98

Explanation:

Given:

  • Principal = $10000
  • Profit rate = 5% PA compounded
  • Time = 20 years
  • Compounds = 20*1 = 20

Sum is:

  • 10000*(1 + 5/100)²⁰ ≈ 26532.98
User ReedD
by
6.8k points
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