In 2006, Mark spent $5,000 on his health care. If this amount increased by 8 percent...
In 2006, Mark spent $5,000 on his health care. If this amount increased by 8 percent per year, what would be the amount Mark will spend in 2026?
Homework Answers
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
A=$5000*(1.08)^20
=$23304.79(Approx).
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