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What would be the compound amount after 19 years on an investment of $42,000 with an 11% interest rate compounded annually?Question
What would be the compound amount after 19 years an investment of 42,000 with an 11% interest rate compounded annually?
Answers
Henry
P = Po*(1+r)^n
r = 11%/100% = 0.11 = APR expressed as a decimal.
n = 1Comp/yr * 19yrs = 19 Compounding
periods.
Plug the above values into the given Eq
r = 11%/100% = 0.11 = APR expressed as a decimal.
n = 1Comp/yr * 19yrs = 19 Compounding
periods.
Plug the above values into the given Eq