or
Colleen has put $26,000 into a retirement fund. The fund has an estimated annual return of 10%. If Colleen doesn't add any more money, how much can she expect to have in the fund in 7 years?
If necessary, round your answer to the nearest cent.
$
At 10% annual return, the amount in the fund will increase by 10% each year.
After 7 years, the amount in the fund will be:
$26,000 * (1 + 0.10)^7 = $26,000 * (1.10)^7 = $26,000 * 1.9487171 = $50,682.18
Therefore, Colleen can expect to have approximately $50,682.18 in the retirement fund after 7 years.