On Jordan's 20th birthday he decides to invest 10,000 that he has saved. He will not be adding any money to the initial investment. He projects that the investment will earn 10% per year. Based on these assumptions, how much money should Jordan expect to have when he turns 60?
Question 2 options:
$452,592.56
$278,582.56
$427,986.56
$438,478.56
$397,567.56
$301,578.66
Answers
Given : On Jordan's 20th birthday he decides to invest 10,000 that he has saved
He projects that the investment will earn 10% per year.
To Find : how much money should Jordan expect to have when he turns 60
$452,592.56
$278,582.56
$427,986.56
$438,478.56
$397,567.56
$301,578.66
Solution:
P = 10000
R = 10
n = 60 - 20 = 40
A = P(1 + R/100)ⁿ
A = 10000 ( 1 + 10/100)⁴⁰
=> A = 4,52,592.56
money Jordan expect to have when he turns 60 = 4,52,592.56
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