What will the value of $18 000 be in 10 years if the current interest rate is 12%?

Name: What will the value of $18 000 be in 10 years if the current interest rate is 12%?
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Question

Quizplus · Accepted Answer

The future value of an investment can be calculated using the formula for compound interest: $ FV = P(1 + r)^n $, where $ P $ is the principal amount ($18,000), $ r $ is the annual interest rate (0.12), and $ n $ is the number of years (10). Plugging in these values, the future value is $18,000 * (1 + 0.12)^10 = $55,905.27.

What Will the Value of $18 000 Be in 10