Some investments in the stock market have earned 10% annually. At this rate, earnings can be found using the formula upper A equals upper P left-parenthesis 1.10 right-parenthesis superscript n baseline, where A is the total value of the investment, P is the initial value of the investment, and n is the number of years the money is invested. If $1,500 is invested in the stock market at this annual rate of return, what is the expected total value after 18 years?
(1 point)
Responses
$29,700.00
$29,700.00
$28,050.00
$28,050.00
$8,339.88
$8,339.88
$7,581.71
The formula to calculate the total value of the investment is A = P * (1.10)^n
Plugging in the values given:
A = $1,500 * (1.10)^18
A = $1,500 * 6.7275
A = $10,091.25
Therefore, the expected total value after 18 years is $10,091.25.
None of the provided options match this calculation.