Rashad now has $500. How much would he have after 10 years if he leaves it invested at 4.7% with annual compounding?

Community Answer

【General guidance】The answer provided below has been developed in a clear step by step manner.Step1/2ExplanationThis problem can be solved by using the future value formula that can be easily give the answer for the amount that ration would have after 10 years when he invested \( \mathrm{{F}{V}={P}{V}×{\left({1}+{r}\right)}^{{n}}} \)Now ,Formulas defines ..PV = present value . Fv = future value .R= rate of interest . N= number of years . Explanation:Please refer to solution in this step.Step2/2substitute values for equations . \( \mathrm{{F}{V}={P}{V}{x}{\left({1}+{r}\r ... See the full answer