Question

Aunty Milie gives Simon $150 for his birthday. He invests the money in a bank at a rate of 6% per year compound interest. Calculate the total amount simon will have after a 3 years.

Answer 1

Hi there
A=p (1+r)^t
A future value?
P present value 150
R interest rate 0.06
T time 3 years

A=150×(1+0.06)^(3)
A=178.65

Hope it helps