Problema Solution
A $240 gold coin increases in value 6% annually. how much would it be worth in ten years?
Answer provided by our tutors
P = $240 the principle or present value
r = 0.06 or 6% the annual rate
t = 10 years the number of years or the number of compounding periods
A = the future value or compound amount
A = P(1 + r)^t
A = 240(1 + 0.06)^10
A = $429.8
click here to see the step by step calculation:
in 10 years there will be $429.08.