Question

Mike invested $37,500 at 4.3% interest, compoundedannually. How much money will he have at the end of6 years?

Answer 1

Amount = P ( 1 + R ) ^n

= 37,500 ( 1 + 4.3% ) ^6

= 37, 500 ( 1. 043 ) ^6

= $ 48, 276. 65