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What is the future value of 10000 dollars with 3 percent interest after 20 years?
Wiki User
∙ 14y ago
I'll do it both ways since you do not specify whether it is simple of compound interest. FV = P + PRT
10000 = P + P(.03)(20)
10000 = P(1 + 0.60)
10000 = 1.6P
6250 = P
Check
6250 * .03 * 20 = 3750 + 6250 = 10000 ◄
FV = P + P(1+R)T
10000 = P + P(1.03)20
10000 = P + P(1.80611)
10000 = 2.80611*P
3563.65 = P
Check
3563.25 + 3563.25(1.03)20
3563.25 + 3563.25*1.80611
3563.25 + 6436.35
9999.70 (Rounding error) ◄
Wiki User
∙ 14y ago
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3000
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