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the value V, of a 300000 investment that earns 2% annual interest is given by V=f(t) where t is in years
How much is the investment worth in 3 years

Respuesta :

pedrocarratore

Answer:

$318,362.40

Step-by-step explanation:

The equation that describes the future value of investments with interests compounded annually is:

[tex]V = P*(1+r)^t[/tex]

Where P is the initial investment (300,000), r is the interest rate (2%) and t is the time of investment, in years (3):

[tex]V = 300,000*(1+0.02)^3\\V=\$318,362.40[/tex]

The investment is worth $318,362.40 in 3 years.

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