Calculate, to the nearest cent, the future value \( F V \) (in dollars) of an investment of \( \$ 10,000 \) at the stated interest rate after the stated amount of time. \( 1 \% \) per year, compounded annually, after 15 years \[ F V=\$ 160,968.96 \]
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We have an initial investment (\(P\)) of $10,000, an annual interest rate (\(r\)) of 1%, and the time (\(t\)) the money is invested for is 15 years. The interest is compounded annually. Show more…
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