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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?Asked by Tim
What would be the compound amount after 19 years on an investment of $42,000 with an 11% interest rate compounded annually?
Answers
Answered by
Henry
P = Po(1+r)^n.
Po = $42,000
r = 11%/100% = 0.11
n = 1comp./yr. * 19yrs = 19 Compounding
periods.
Plug the above values into the given Eq and solve for P.
Po = $42,000
r = 11%/100% = 0.11
n = 1comp./yr. * 19yrs = 19 Compounding
periods.
Plug the above values into the given Eq and solve for P.
Answered by
Henry
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Answered by
Trish
Ok totally lost here. For someone new to this could you please explain in understandable terms?