kennettahughley973 kennettahughley973

31-01-2020
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Ten years ago, Emma purchased an investment for $22,500. The investment earned 7 percent interest each year. What is the value of the investment today?

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andromache andromache

01-02-2020

Answer:

$44,325.

Explanation:

In this question we use the future value formula which is shown below:

Future value = Present value × (1 + interest rate)^number of years

= $22,500 × (1 + 0.07)^10

= $22,500 × 1.97

= $44,325

We simply applied the future value by considering the present value, interest rate and the number of years

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