View the step-by-step solution to:

Question

A teacher won $100,000 and invest this money for 5 years at an interest rate of 4% (compounded annually).

How much will the teacher have in principal interest at the end of the 5 years?

Answer is $121,665, what is the mathematical equation used to get the $121,665 answer (we are unable to use excel and have to use a calculator).

Top Answer

The solution is... View the full answer

FV for.PNG

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question