Assuming you invest $1000 at an annual interest rate of 5%, compounded annually, how much will your investment have grown after 5 years?
Question
Solution 1
To calculate the future value of an investment with annual compounding interest, you can use the formula:
FV = P * (1 + r/n)^(nt)
where:
- FV is the future value of the investment
- P is the principal amount (the initial amount of money)
- r is the annual interest rate (in decimal form, so 5% woul Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
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