Concept explainers
The value of investment after 16 years.
Answer to Problem 24PPS
The value of investment after 16 years is
Explanation of Solution
Given:
The starting investment is of $650at a interest rate of 1.5% per annum
Concept used:
The formula of increases rate over a time period is given by,
Calculation:
The invested amount after 16 years is calculated as,
Conclusion:
Hence, the value of investment after 16 years is
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