Answer :
Answer:
Explanation:
For a principal, P compounded k times in a year for a period of t years, the balance at compound interest is found using the formula:
[tex]A=P(1+\frac{r}{k})^{kt}[/tex]First Investment
• P=$47,000
,• k=1
,• r=12%=0.12
,• t=40 years
Therefore:
[tex]undefined[/tex]