$4000 invested at an APR of 9% for 10 years
What is the amount of money after 10 years
I = PRT
To find the amount of money after 10 years, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the future value of the investment
P = the principal amount (initial investment)
r = annual interest rate (in decimal form)
n = number of times interest is compounded per year
t = number of years the money is invested for
In this case, the principal amount (P) is $4000, the annual interest rate (r) is 9% (or 0.09 as a decimal), the time (t) is 10 years, and it doesn't specify how many times interest is compounded per year, so let's assume it's compounded annually (n = 1).
Plugging the values into the formula:
A = 4000(1 + 0.09/1)^(1*10)
A = 4000(1 + 0.09)^(10)
A = 4000(1.09)^(10)
Calculating this expression gives us the amount of money after 10 years.