Problema Solution
Gordon got a $15,000 bonus and has decided to invest it in the stock market until he retires in 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
Gordon got a = $15,000
rate = 9%
time = 35 year
In one year interest = 15000 * 9/100 * 1
=1350
In 35 year total amount = 1350 *35
= $47250