amber invested 25000 at 2% for 3 years compound simiannually.Find future value at the end of 3 years?
2 answers:
Use the compound interest formula:
A = P(1+r/n)^(nt). Here, P = $25000, r = 0.02, t = 3 and n = 2.
Then:
A = $25000(1 + 0.02/2)^(3*2)
= $25000(1.01)^6
= $26538.00 (future value at the end of 3 years)
First you use the compound interest formula which is: A = P(1+r/n)^(nt).
Plug in the number in this case being P = $25000, r = 0.02, t = 3 and n = 2.
A = $25000(1 + 0.02/2)^(3*2)
= $25000(1.01)^6
= $26538.00 (future value at the end of 3 years)
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