Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Amount = principal x interest rate x years no? 10000 x .05 x 47 what did I do wrong? If an 18 year old has

Amount = principal x interest rate x years no?

10000 x .05 x 47

what did I do wrong?

If an 18 year old has $10,000 and that person puts that money into a savings plan that pays an annual interest rate of 5%, according to our textbook, at age 65 that $10,000 will have grown to _______.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Public Finance A Contemporary Application Of Theory To Policy

Authors: David N Hyman

10th Edition

053875446X, 978-0538754460

More Books

Students also viewed these Finance questions

Question

Define risk and risk assessment.

Answered: 1 week ago