Asked by Sheila
How do I solve for the investment of 20,000 with an interest rate of 7.5 compounded annually for 10 years? This is what I have so far and I don't know if I'm using the right formula.
n=10 and I=r=0.075
A=P(1+i)n
=20,000(1+0.075)10 This is where I'm stuck
n=10 and I=r=0.075
A=P(1+i)n
=20,000(1+0.075)10 This is where I'm stuck
Answers
Answered by
Damon
yes
20,000 (1.075)^10
20,000 (1.075)^10
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