How much will $1,000 invested at the end of each year grow to in 20 years,assuming an interest rate of 10% compounded annually?

Name: How much will $1,000 invested at the end of each year grow to in 20 years,assuming an interest rate of 10% compounded annually?
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Question

Quizplus · Accepted Answer

The future value of an annuity formula is used here: FV = P * [(1 + r)^n - 1] / r, where P is the annual payment ($1,000), r is the interest rate (0.10), and n is the number of years (20). Plugging in these values gives $57,275.

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