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You have found a mutual fund that you would like to invest in that will earn...

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Finance

You have found a mutual fund that you would like to invest inthat will earn 5% annually. If you invest $1000 each year for thenext 10 years, how much will you have at the end of those 10 years,approximately?

$18,753

$10,000

$12,578

$1,628

Answer & Explanation Solved by verified expert
4.4 Ratings (579 Votes)
Solution The formula for calculating the Future value of periodic investments at the end of n years is P 1 r n 1 r Where P Periodic Deposit ie    See Answer
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Transcribed Image Text

You have found a mutual fund that you would like to invest inthat will earn 5% annually. If you invest $1000 each year for thenext 10 years, how much will you have at the end of those 10 years,approximately?$18,753$10,000$12,578$1,628

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