Answer:
Use the formula for calculating compound interest PN=P0(1+rk)Nk where P0 is the unknown, PN=10,000, N=10, k=1, and r=0.015. Substitute the values into the formula and simplify.
10000=P(1+0.0151)1⋅10
10000=P(1.015)10
10000=P(1.16054...)
8616.67=P
Therefore, rounded to the nearest dollar, the initial investment needs to be $8617 to have $10,000 in 10 years.
Step-by-step explanation:
8.88 I think. Hope this helps :)
To turn a percentage into a decimal, divide it by a hundred. So, 6% --> 6/100 which is 0.06. To find a percentage of a number, multiply the number by the percent in decimal form. In this case, 124 x 0.06. The answer is 7.44. So 6% of 124 is 7.44
