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15 January, 22:50

joseph has 10,000 to invest he invests in met bankpays 4 interest compounded annually how much money will he have in 4 years hint A=P (1+r) t)

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  1. 15 January, 23:11
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    FV = $11,698.59

    Step-by-step explanation:

    Given,

    Initial investment or principal or Present value, PV = $10,000

    Interest rate (i) = 4%

    No. of period (years, t) = 4

    Since the interest rate is compounded annually, we have to use future value of compound formula instead of using simple interest formula.

    Therefore, we know,

    FV = PV (1 + i) ^ t

    Putting the value,

    FV = $10,000 (1 + 0.04) ^4

    We can separately calculate the factor, 1.04^4.

    FV = $10,000*1.16985856

    We can also use financial calculator to find the factor. However, we just use a normal scientific calculator to determine this.

    FV = $11,698.59
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