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
Finance
Formulas
FV = P * (1 + r/n)^(nt)
Compound Interest Formula
Theorems
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Suitable Grade Level
Grades 10-12
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