Godjesus Godjesus
  • 01-07-2016
  • Mathematics
contestada

$2,00 after. 3 years at an interest rate of 2.5% is$round up to the nearest cent

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meerkat18
meerkat18 meerkat18
  • 09-07-2016
To answer the question, I assume that the interest (i) is compounded. To solve for the future worth (F) of the present investment (P) is calculated by the equation,
                                     F = P x (1 + i)^n
where n is the number of years. Substituting the known values,
                           F = ($2000) x (1 + 0.025)^3 = $2,153.78 
Thus, the answer is approximately $2,153.8.
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