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Calculate the future value of an investment of a present value of 400 at an interest rate of 3% pa for 2 years compounding annually

Solution

Calculate the future value of an investment of a present value of 400 at an interest rate of 3% pa for 2 years compounding annually

Solution

Amount : 424.36

Solution steps

Translate the problem into an equation:

A = 400 (1 + \frac{0.03}{1})^{1 \cdot 2}

400 (1 + \frac{0.03}{1})^{1 \cdot 2} = 424.36

Amount : 424.36

Popular Examples

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