Question

Zikri wins a cash prize of one million ringgit. She invests the money into an investment institution that offer

a return of 6% per year. The total amount of Zikris investment after n years is calculated by using the formula
J = P(1 + k)" with p is the initial investment and k is the rate of return per year. Find Zikris total investment
after 15 years.​

Answer 1

Answer: 2,396,558 Ringgit

Explanation:

J = P * ( 1 + k)^n

P = initial investment of 1,000,000 Ringgit

k = rate of return of 6% per annum

n = Number of years of investment

J = 1,000,000 * ( 1 + 6%)¹⁵

= 1,000,000 * 2.396558193

= 2,396,558 Ringgit