You are saving money for a down payment on a house. Suppose you want to have total savings of $20,000 in 10 years time and you have currently $5,000. What annual interest rate do you need to earn on your initial investment, assuming you contribute no additional savings?

14.87%

Explanation:

we have to use the future value formula to solve this question:

future value = present value x (1 + rate)ⁿ

you need to save $20,000 in 10 years (this is your future value)

currently you have $5,000 which will be $5,000 x (1 + r)¹⁰

$20,000 = $5,000 x (1 + r)¹⁰

(1 + r)¹⁰ = $20,000 / $5,000

(1 + r)¹⁰ = 4

¹⁰√(1 + r)¹⁰ = ¹⁰√4

1 + r = 1.1487

r = 1.1487 - 1

r = 0.1487 = 14.87%

you get a crown by getting lots of points and you get points by answering other peoples questions

there is no possible way mgk stands a chance with the greatest white rapper of all time. eminem killshots had more bars than rap devil and the reason mgk is doing all this is cause he not getting attention anymore til the release of rap devil and the disses he is putting on eminem. now rap devil was more fire than killshot so mgk might won the battle with rap devil but eminem won the war with killshot.