posted by Tim on .
What would be the compound amount after 19 years on an investment of $42,000 with an 11% interest rate compounded annually?
P = Po(1+r)^n.
Po = $42,000
r = 11%/100% = 0.11
n = 1comp./yr. * 19yrs = 19 Compounding
Plug the above values into the given Eq and solve for P.
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Ok totally lost here. For someone new to this could you please explain in understandable terms?