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!
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
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
