Find the future amount at the end of 2 years for an investment of $20,000 that earns 15% at the end of each...

Question

20. Find the future amount at the end of 2 years for an investment of $20,000 that earns 15% at the end of each year. $25,150 $22,350 $26,450 $27,950

SnapAndSolve AI · Accepted Answer

To find the future amount, we use the formula for compound interest: A = P(1 + r)^n, where:

Substitute the values into the formula:

A = 20000(1 + 0.15)^2

A = 20000(1.15)^2

A = 20000(1.3225)

A = 26,450

The future amount is $26,450.

Answer