If you invest $81,000 today at 10% interest for 19 years, you will have $_________ in...

If you invest $81,000 today at 10% interest for 19 years, you will have $_________ in 19 years.

(Do not include the dollar signs ($). Round your answers to 2 decimal places. (e.g., 32.16))

Solutions

Expert Solution

Given,

Investment = $81000

Interest rate (r) = 10% or 0.10

Number of years (n) = 19 years

Solution :-

Future value = Investment x (1 + r)ⁿ

= $81000 x (1 + 0.10)¹⁹

= $81000 x (1.10)¹⁹

= $81000 x 6.1159090448 = $495388.63

You will have $495388.63 in 19 years.

jeff jeffy answered 2 years ago

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