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Randle Sullivan deposited $1000 in BancorpSouth 8 years ago, and the bank pays 5%. How much...

Randle Sullivan deposited $1000 in BancorpSouth 8 years ago, and the bank pays 5%. How much money will he have 10 years from today? (Hint: totally for how many years will he invest?)

Solutions

Expert Solution

n = Total investment years = 8 + 10 = 18 years
r = Rate of interest = 5%
Money at the end of 10 years from today = Amount invested 8 years ago * (1+r)^n = 1000 * (1+5%)^18 = 2406.62

jeff jeffy answered 2 years ago
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