Which expression represents the growth of an investment of $1,500 at 12% per year for a period of t years?
A. 1500(12)t
B. 1500(0.12)t
C. 1500t1.12
D. 1500(1.12)t
Answers
Given:
An investment of $1,500 at 12% per year for a period of t years
To find:
The expression representing the growth of an investment
Solution:
We know the formula for calculating the future value of an investment is as follows:
where
FV = future value of an investment
PV = Present value
i = rate of interest
n = no. of years
Here we have
PV = $ 1500
i = 12%
n = t years
Therefore, on substituting the values in the formula, we get
← option (D)
Thus, the expression that represents the growth of an investment of $1,500 at 12% per year for a period of t years is → .
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