amourjenny
amourjenny amourjenny
  • 23-04-2019
  • Mathematics
contestada

What lump sum investment will grow to $53000 in 10 years if it is invested at 11%, compounded annually?

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patostats patostats
  • 23-04-2019

Answer: REMEMBER THE FORMULAE    

A=P(1+INTEREST)^t  where P is principal amount to be invested, t is time to be invested  and A is the total amount to be earned after investement.

53000=p(1+11/100)^10

53000=p(1.11)^10

53000=p(2.84)

53000/2.84=p

p=18667

Step-by-step explanation:

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