Determine the amount of an investment if $250 is invested at an interest rate of 10.3% for 40 years.
*I know the formula but I just keep getting it wrong. If you can figure it out THANKS A LOT
$14607.78 maybe, I'm not 100% sure tho.
Did you check the answer under your first posting a day or two ago??? In case you didn't, here it is:
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