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As a teenager, Enrique learned a valuable lesson from his dad, who told him to invest $1,000 at 8 percent interest at age 20 and leave the money alone until age 65. Enrique's dad knew that one strategy used by wealthy people is to exercise self-discipline and never touch a long-term savings plan. Enrique is happy to apply his dad's advice. If Enrique leaves the money in the account until he is 68, by approximately what amount would the balance increase between his 62nd and 68th years

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chilljain33

The balance increase for the investments made by Enrique, between years 62 and 68 will be $14,871.  

What is an investment?

A monetary engagement, with an intention of getting the required or expected rate of return over a predetermined financial period, is known as an investment.

The return for Enrique's investment at the age of 62 years will be,

[tex]\rm Investment\ Value= 1000(\dfrac{1}{1+0.08})^4^2\\\\\rm Investment\ Value= \$25,339[/tex]

Similarly, the investment value at the age of 68 years will be $40,210.

So the increase in the investment value between these years will be,

40210-25339=$14,871.

Hence, the value of Enrique's investment is as computed above.

Learn more about investment here:

https://brainly.com/question/15105766

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