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11 December, 21:34

Berto invested in a precious mineral. The value of the mineral tends to increase by about 11% per year. He invests $40,000 in 2015.

How much more will his investment be worth in 2020?

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  1. 11 December, 23:21
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    11% per year = 0.11 / year

    Present value (2015) = $40,000

    Future value (2020) = $40,000 * (1+0.11) ^ (2020-2015)

    =40000*1.11^5

    =$67,402.33
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