Skdfh Sjdfsdof
New member
The problem:
If you invest $1000 at 7% interest, compounded annually, what's the value of your investment in 10 years?
The Answer:
After 1 year the value would be 1000+ 7% 0f 1000= 1000+(0.07)(1000)= 1000(1.07)
After 10 years 1000(1.07)^10 = $1967.14
My question:
How did they get the value on the right side of this equation below?
1000+(0.07)(1000)= 1000(1.07)
Many thanks.
So, looks like we got a BA here.
I added the first edit before i saw the answers by ironduke and A.H so we got BAs here.
Loved the answers. Thanks everyone.
If you invest $1000 at 7% interest, compounded annually, what's the value of your investment in 10 years?
The Answer:
After 1 year the value would be 1000+ 7% 0f 1000= 1000+(0.07)(1000)= 1000(1.07)
After 10 years 1000(1.07)^10 = $1967.14
My question:
How did they get the value on the right side of this equation below?
1000+(0.07)(1000)= 1000(1.07)
Many thanks.
So, looks like we got a BA here.
I added the first edit before i saw the answers by ironduke and A.H so we got BAs here.
Loved the answers. Thanks everyone.