Question
Fifteen (15) years ago, your parents purchased an investment for $$\$ 2,500$$. If the investment earned 6 percent interest each year, how much is it worth today?
Step 1
- Initial investment amount (\(P\)) = \$2,500 - Annual interest rate (\(r\)) = 6% = 0.06 - Number of years (\(t\)) = 15 Show more…
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