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21 October, 10:57

amber invested 25000 at 2% for 3 years compound simiannually. Find future value at the end of 3 years?

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Answers (2)
  1. 21 October, 12:24
    0
    First you use the compound interest formula which is: A = P (1+r/n) ^ (nt).

    Plug in the number in this case being P = $25000, r = 0.02, t = 3 and n = 2.

    A = $25000 (1 + 0.02/2) ^ (3*2)

    = $25000 (1.01) ^6

    = $26538.00 (future value at the end of 3 years)
  2. 21 October, 13:56
    0
    Use the compound interest formula:

    A = P (1+r/n) ^ (nt). Here, P = $25000, r = 0.02, t = 3 and n = 2.

    Then:

    A = $25000 (1 + 0.02/2) ^ (3*2)

    = $25000 (1.01) ^6

    = $26538.00 (future value at the end of 3 years)
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