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kaheart [24]
3 years ago
14

On the day Harry Potter was born, his parents deposited 78,000 galleons in the Gringotts Wizarding Bank. Assume that the bank pr

omises a fixed interest rate of 3%. How much will Harry have in his account when he enters Hogwarts at age 12?
a. 78,000 galleons
b. 54,708 galleons
c. 106,080 galleons
d. 111,209 galleon
Business
1 answer:
Tanzania [10]3 years ago
6 0

Answer:

d. 111,209 galleon

Explanation:

<u>We calculate for the future value of a lump sum:</u>

Principal \: (1+ r)^{time} = Amount

Principal 78,000.00

time 12.00

rate 0.03000 (3% = 3/100 = 0.03)

78000 \: (1+ 0.03)^{12} = Amount

Amount 111,209.35

This is the amount Harry will get when visit the bank with Hagrid in his 12th birthday assumming the interest rate keep constant over the 12 years period.

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