Question

How do I solve this problem?

Answer 1

Future Value: $227,016.59
Total Deposits: $186,000.00
Interest Earned: $41,016.59

A = P ( 1 + r / n ) ^nt

A = value after t periods

P = principal amount (initial investment)

r = annual nominal interest rate (not reflecting the compounding)

n = number of times the interest is compounded per year

t = number of years the money is borrowed for