If you say 5000 at 85% interest rate for 10 years compounded annually how much will you have at the end of the 10th year?

1 Answer

2347941.588

Explanation:

Total amount at the end of n=10th year compounded annually on principle amount P=5000 at interest rate r=85% is given by following

=P(1+r/100)^n

=5000(1+85/100)^10

=5000(1.85)^10

=2347941.588