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Can you answer this?:

 

Determine the amount of an investment if 250$ is invested at an interest rate of 10.3% for 40 years. Round to the nearest penny.

 

Thanks so much!

Guest May 21, 2017
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2+0 Answers

 #1
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use I = PRT

I = intrest

P = principle amount invested

R = rate of increase

T = time in years

add the I to the principle when you are done

Guest May 21, 2017
 #2
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FV = PV x [1 + R]^N

FV = 250 x [1 + 0.103]^40

FV = 250 x     1.103^40

FV = 250 x      50.468512......

FV = $12,617.13

Guest May 21, 2017

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