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18 April, 11:01

The expression 1000 (1.09) t represents the value of a $1000 investment that earns 99 % interest per year, compounded annually for t years. What is the value of a $1000 investment at the end of 66 years?

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  1. 18 April, 11:19
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    A=1000 (1.09) ^t

    Where t is the number of years

    T=66 years

    So the future value is

    A=1,000 * (1.09) ^ (66)

    A=295,222.10
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