Answer: $54.38
Step-by-step explanation:
The amount of stock purchased was $100. This stock depreciates by 3% annually which means that it loses 3% of its value every year.
To find the value in 20 years, you can use the compound interest formula:
= Initial value * ( 1 - rate) ^ no. of years
= 100 * ( 1 - 3%)²⁰
= $54.38
Answer: 54.38
Step-by-step explanation:
got it right on an assignment
