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Hey, I have some questions on some math problems for Algebra 2. Think you can help? Here's the first one :)

Some investments in the stock market have gained 10% annually. the total value of the investment, A, and this rate can be found using A= P(1.10)^n where P is the initial value of this investment, and N is the number of years the money is invested. if $1,000 is invested in the stock market at this annual rate of return, what is the expected total value after 18 years?

1. $4,054.47
2. $5,559.92
3. $18,700.00
4. $19,800.00

I originally thought it was $18,700.00 but I don't know

Respuesta :

W0lf93
The formula to find the total value of investment is 
A=P(1.10)^N
 P=$1000
 N=18
 A=1000 (1.10)^18
 A = 1000 * 5.55991731349
 A=5559.91731349
 Rounding off to the nearest hundredths, we get
 A = $5559.92
 The expected total value after 18 years is $5,559.92

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