Question

Luis decides to invest $120,000 in a mutual fund that offers him 4.1% compound interest annually. This means that each year, the amount of money he has in the fund increases by 4.1% compared to the previous year. How much total money will there be in Luis's investment after 5 years?

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Answer to a math question Luis decides to invest $120,000 in a mutual fund that offers him 4.1% compound interest annually. This means that each year, the amount of money he has in the fund increases by 4.1% compared to the previous year. How much total money will there be in Luis's investment after 5 years?

$Expert avatar$

Nash

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85 Answers

A = P \left( 1 + \frac{r}{n} \right)^{nt}

P = 120000

r = 0.041

n = 1

t = 5

A = 120000 \left( 1 + \frac{0.041}{1} \right)^{5}

A \approx 120000 \left( 1.041 \right)^{5}

A\approx146701.61

La cantidad total de dinero después de 5 años es

146701.61

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