Week 2 problems

Business & Finance
Tutor: None Selected Time limit: 1 Day

Leslie masala, who recently sold her Porsche, place 10,000 in a savings account pain and annual compound interest of 6%. 

Calculate the amount of money that will accumulate if Leslie leave the money in the bank for one, five, and 15 years

Apr 2nd, 2015

Apply this formula and get the ansers, P = Principal, r = rate of interest (6%), t =  tenure.

Amount = P(1 + r/n)^nt

For 1 year compounded annualy.............$10600

For 5 years compunded annualy ..............$13382.26

For 15 years compounded annualy...........$23965.58

Apr 2nd, 2015

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Apr 2nd, 2015
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