if you lose 10% a year, how much will be left of 2.44 million in 26 years?
To calculate the amount that will be left after 26 years with a 10% annual loss, we can use the formula for compound interest:
A = P(1 - r/n)^(nt)
Where:
A = the final amount
P = the initial amount
r = the annual interest rate (expressed as a decimal)
n = the number of times interest is compounded per year
t = the number of years
In this case:
P = $2.44 million
r = 10% = 0.10 (expressed as a decimal)
n = 1 (since it's compounded once per year)
t = 26 years
Plugging these values into the formula, we can calculate the final amount A:
A = 2.44 million(1 - 0.10/1)^(1*26)
A = 2.44 million(0.90)^(26)
A ≈ 2.44 million(0.134)
A ≈ $326,896.00
Therefore, after 26 years of losing 10% annually, approximately $326,896.00 will be left of the initial $2.44 million.