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Popular Word Problems >

Tyler sold his car for 35 600. He invested this amount at 7.2% pa with interest compounded annually. What is the value of his investment in 15 years?

Solução

T y l er so l d hi s c a r f or 35 600. He in v es t e d t hi s am o u n t a t 7.2% p a w i t h in t eres t co m p o u n d e d ann u a ll y . Wha t i s t h e v a l u e o f hi s in v es t m e n t in 15 ye a rs ?

Solução

Amount : 101011.72

Passos da solução

Translate the problem into an equation:

A = 35600 (1 + \frac{0.072}{1})^{1 \cdot 15}

35600 (1 + \frac{0.072}{1})^{1 \cdot 15} = 101011.72281 \dots

Round to the nearest hundredth:

101011.72

Amount : 101011.72

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