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ChatGPT
Jun 18
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Google Gemini AI
Jun 18
Question:
An investment of $500 is made at an annual rate of 5% compounded annually. What is the future value (FV) of the investment after 10 years?
Formula:
FV = P(1 + r)^t
where:
- FV = Future Value
- P = Principal (initial investment)
- r = Annual rate (as a decimal)
- t = Number of years
Calculation:
- P = $500
- r = 5% = 0.05
- t = 10
FV = 500(1 + 0.05)^10
FV = 500(1.05)^10
FV = $804.35
Therefore, the future value of the investment after 10 years is $804.35.
An investment of $500 is made at an annual rate of 5% compounded annually. What is the future value (FV) of the investment after 10 years?
Formula:
FV = P(1 + r)^t
where:
- FV = Future Value
- P = Principal (initial investment)
- r = Annual rate (as a decimal)
- t = Number of years
Calculation:
- P = $500
- r = 5% = 0.05
- t = 10
FV = 500(1 + 0.05)^10
FV = 500(1.05)^10
FV = $804.35
Therefore, the future value of the investment after 10 years is $804.35.
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