Help with Geometric Sequence?

Daria invests $3000 in a mutual fund. On average, the mutual fund earns 9%/yr compounded annually.

How much interest can Daria expect to earn after 10 yr?

3 Answers

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  • 4 months ago

    Our compounding figure is 1.09ⁿ

    so, after 10 full years we have:

    $3000 x (1.09)¹⁰ = $7102.09 

    Hence, interest is $4102.09

    :)>

  • Amy
    Lv 7
    4 months ago

    The value after 10 years will be $3000 * (1 + 9%)^10

    Subtract the original $3000 and you get roughly $4000 of interest.

  • 4 months ago

    3000 * 1.09^10 =

    $7102.09

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