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OLga [1]
3 years ago
14

If you invested $250 at 16% interest, how much will you have after 18 years?

Mathematics
2 answers:
Whitepunk [10]3 years ago
8 0
After 1st year: 250$:100%=x$:116%, 250$*116%=x$*100%, x=(250*116)/100=290$. After 1st year I will have 290$
After 2nd year: 290$:100%=x$:116%, x=(290*116)/100=336.4$. After 2nd year I will have 336.4$
After 3rd year I will have (336.4*116)/100=390.224$
After 4th yr: (390.224*116)/100=452.65984$
After 5th yr: (452.65984*116)/100=525.085$
After- 6th yr: 609.1$, 7th yr: 706.556$, 8th yr: 819.605$, 9th yr: 950.742$
10th yr: 1102.86$, 11th yr: 1279.32$, 12th yr: 1484.01$, 13th yr: 1721.45$,
14th yr: 1996.88$, 15th: 2316.38$, 16th yr: 2687$, 17th yr: 3116.92$
After 18 years I will have 3615.63$.
jonny [76]3 years ago
8 0
X = y(1+a)^t
x = 250(1+0.16)^18
x = final amount

I hope this helps!
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