Determine the amount of an investment if 250 is invested at an interest rate of 10.3% for 40 years. round to the nearest penny.

Annual interest rates can be determined by the following formula:



A represents the total amount after y years. P represents the initial amount invested. r represents the interest rate percentage translated into a decimal. y represents the total amount of years that will have passed.

Plug in your values.





Rounded to the nearest penny, the total amount raised after 40 years is $12617.13.

21/2 or 5/2

Can you provide the tape diagram?