Some investments in the stock market have earned 10 % annually. At this rate, earnings can be found using the formula A=P(1.10)n , where A is the total value of the investment, P is the initial value of the investment, and n is the number of years the money is invested. If $15,00 is invested in the stock market at this annual rate of return, what is the expected total value after 19 years? (1 point)
Responses
$28,050.00
$8,339.88
$7,581.71
$9,173.86
The formula to calculate the total value of the investment is A = P(1.10)^n
Given that P = $15,00, n = 19, and the annual rate of return is 10%.
Plugging in these values into the formula, we have:
A = 1500(1.10)^19
A ≈ $8,339.88
Therefore, the expected total value after 19 years is $8,339.88.
The correct answer is $8,339.88.