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Beliebt Word Problems >

Joan invests 200. She earns interest at 3% per annum, compounded monthly.What is the future value of Joan’s investment after 1.5 years?

Lösung

J o an in v es t s 200. S h e e a r n s in t eres t a t 3% p er ann u m, co m p o u n d e d m o n t h l y . Wha t i s t h e f u t u re v a l u e o f J o an ’ s in v es t m e n t a f t er 1.5 ye a rs ?

Lösung

Amount : 209.19

Schritte zur Lösung

Translate the problem into an equation:

A = 200 (1 + \frac{0.03}{12})^{12 \cdot 1.5}

200 (1 + \frac{0.03}{12})^{12 \cdot 1.5} = 209.19382 \dots

Round to the nearest hundredth:

209.19

Amount : 209.19

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