natashlynnmunoz natashlynnmunoz

27-06-2017
Mathematics

contestada

If Joe has $5,600 today and invests it for 12 years at a 10 percent interest rate, how much will he have in 12 years?

Respuesta :

mathmate mathmate

27-06-2017

I assume the current practice of compound interest rates. But since the compounding period is not specified, I assume it to be annual.

If the above assumptions are correct, then
Future value = present value *(1+r)^n
=5600(1+0.1)^12
=$17575.20

If the assumptions are incorrect, please comment.

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