Question

Jimmy invests $25,000 into the stock market which generates 5% interest compounded every month. How much money will he have after 7 years?

Answer 1

Answer:

35177.51057 (Rounded - 35177.5)

Step-by-step explanation:

Compound Interest -

- Recalculates how much you should be getting

The format will ALWAYS be y=$ab^x$

A = Starting Value

B = Multiplier

X = Time (years)

5% = .05

1.00 + .05 = 1.05%

y=25,000(1.05)^7

= 35177.51057

Let me know if i did anything wrong <3