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13 April, 15:13

You are planning to invest $500 at 12% compounded annually. How much money would you have after 10,20 and 30 years?

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Answers (1)
  1. 13 April, 16:22
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    Problem

    If you deposit $500 into an account paying 12% annual interest compounded yearly, how much money will be in the account after 10 years?

    Result

    The amount is $1552.92 and the interest is $1052.92.

    Problem

    If you deposit $500 into an account paying 12% annual interest compounded yearly, how much money will be in the account after 20 years?

    Result

    The amount is $4823.15 and the interest is $4323.15.

    Problem

    If you deposit $500 into an account paying 12% annual interest compounded yearly, how much money will be in the account after 30 years?

    Result

    The amount is $14979.96 and the interest is $14479.96.
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