Answer: 26801.38
Step-by-step explanation:
The following parameters are given:
The money invested which is
The principal P = 19000 dollars
The rate R = 3.5 %
Period t = 10 years
The formular for amount of money after 10 years will be
A = P( 1 + R% )^t
Substitute all the parameters into the formula
A = 19000( 1 + 3.5/100 )^10
A = 19000 ( 1 + 0.035 )^10
A = 19000 ( 1.035 )^10
A = 19000 × 1.41059
A = 26801.376
A = 26801.38 dollars
