Alexis received an inheritance of $50,000 10 years ago that she invested for her college fund. She deposited the money in an account thtat earned 6.5% interest, compounded annually. I am not sure of my answer of $32,500.

Question

Alexis received an inheritance of $50,000 10 years ago that she invested for her college fund.  She deposited the money in an account thtat earned 6.5% interest, compounded annually.  I am not sure of my answer of $32,500.

anonymous · Answer

What is the question?

wolf1728 · Answer

Total = Principal*(1+rate)^years
Total = 50,000 * (1.065)^10
Total = 93,856.87

anonymous · Answer

If the question is the total Annual Interest, Your answer is right. =)

wolf1728 · Answer

Do you mean I'm right or kbear