Help with math problem

Question

You are planning to invest $500 at 12% compounded annually. How much money would you have after 10, 20 and 30 years?

​10 years

Select an option

$563.34

$1,552.92

$14,979.96

$4,823.15

$8500.03

​20 years

Select an option

$563.34

$1,552.92

$14,979.96

$4,823.15

$8500.03

​30 years

Select an option

$563.34

$1,552.92

$14,979.96

$4,823.15

$8500.03

Answer 1

Hi, Anastasia,

A= the amount after n years

A(n)=500(1+.12)ⁿ

A(30)=500(1.12)³⁰=$14,979.96

Got it ?

Regards

Jim