Math Problem Statement
Calculate, to the nearest cent, the future value FV (in dollars) of an investment of $10,000 at the stated interest rate after the stated amount of time.
2% per year, compounded annually, after 12 years
FV = $
Solution
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Math Problem Analysis
Mathematical Concepts
Compound Interest
Exponential Growth
Algebra
Formulas
Future Value formula FV = P * (1 + r/n)^(nt)
Theorems
Compound Interest Theorem
Suitable Grade Level
Grades 9-12
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