Answer
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A = 24,739.12
↓Steps Explained:↓
How much is 9538 worth after 10 years
using an annual interest rate of 10%
compounded annually?
Calculate Accumulated Balance
A = B(1 + i)n
where A = accumulated balance
B = opening balance
i = Annually interest rate
and n = number of periods
Plugging in our values
A = 24,739.12
A = 9538(1.1)10
A = 9538(2.5937424601)
How much interest was earned?
Interest Earned = Accum. Value - Start Balance
Plug in our values
Interest Earned = 24,739.12 - 0.00
Interest Earned = 24,739.12
24739.12
Final Answer
A = 24,739.12Take the Quiz Switch to Chat Mode
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