What is the final amount if you earn 5% interest compounded annually on $31,000 for 29 years

Answer 1

final amount=31.000*(1+interes/100)^29

Becouse 5% = 5/100= 0.05

Final amount=31,000*(1+0.05)^29
=31,000*1.05^29

=31,000*4.116136=127600.216

Answer 2

it is desired that an investment grow to $5000 OVER THREE YEARS at a simple annual interest rate of 6% find the amount that must be invested now.