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Natalie's family want to go on holiday to Hawaii. To pay for the expenses, Natalie takes out a loan of 10000. If the bank charges interest at a compounding rate of 19% p.a., calculate the total amount that Natalie owes after 33 years.

Solution

Solution

Amount : 3112072.64

Solution steps

Translate the problem into an equation:

A = 10000 (1 + \frac{0.19}{1})^{1 \cdot 33}

10000 (1 + \frac{0.19}{1})^{1 \cdot 33} = 3112072.64354 \dots

Round to the nearest hundredth:

3112072.64

Amount : 3112072.64

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