slabrada05 slabrada05

22-02-2022
Mathematics

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16. An initial investment of $10,000 grows at 11% per year. Calculate its value after 5 years.
Show work please

Respuesta :

18bafnaj 18bafnaj

22-02-2022

Answer:

16850.58 (2DP)

Step-by-step explanation:

Compound Interest Formula = P(1 + [tex]\frac{r}{100}[/tex])^t

P = 10,000

Rate = 11%

Time = 5 years

10000(1.11)^5 = $16850.58

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