Answer: B = 50,000 * 1.18^t
Step-by-step explanation:
This requires the use of the Future Value formula.
Future value = Amount invested + ( 1 + rate) ^ number of years invested
Future value = B in this scenario.
t = number of years.
When putting in figures therefore, the formula becomes:
B = 50,000 * ( 1 + 18%) ^ t
B = 50,000 * 1.18^t
