Answer: $1,500
Explanation:
The future value of value using simple interest is:
Future value = Value * ( 1 + rate * time)
2,400 = Value * (1 + 15% * 4)
2,400 = Value * 1.6
Value = 2,400 / 1.6
Value = $1,500
I don’t really understand what you are trying to ask. Try posting a picture along with your question
Answer:
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Solution:
initial = float(eval(input('Enter the monthly saving amount: ')))
x = (1 + 0.00417)
month_one = initial * x
month_two = (initial + month_one) * x
month_three = (initial + month_two) * x
month_four = (initial + month_three) * x
month_five = (initial + month_four) * x
month_six = (initial + month_five) * x
print('The sixth month value is: '+str(month_six))
Don't forget the saving amount, and initialize the balance with that amount. Inside the loop, work out and add the interest and then add the saving amount for the next month.
balance = 801
for month in range(6):
balance = balance * (1.00417)
print(balance)
