Problema Solution
Gordon got a $15,000 bonus and has decided to invest it in the stock market until he retires at 35 years. If he averages 9% return on the investment compounded annually, then how much will he have in 35 years?
Answer provided by our tutors
The answer is given:
15000*(1+r)^t where r= interest rate in decimal, t= years
So,
15000*(1.09)^35, which is equal to 306209.519
msg me if you have any questions