An 8% per annum investment of $2,000 grows to $68,485 in 25 years.

Name: An 8% per annum investment of $2,000 grows to $68,485 in 25 years.
Brand: Quizplus
Rating: 4.8 (51 reviews)

Question

Quizplus · Accepted Answer

The future value of a $2,000 investment at 8% per annum compounded annually for 25 years is calculated using the formula FV = P(1 + r)^n, where P is the principal amount, r is the annual interest rate, and n is the number of years. Plugging in the values: FV = 2000(1 + 0.08)^25 = $13,698.64, which is far less than $68,485.

An 8% Per Annum Investment of $2,000 Grows to $68,485