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

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

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User JoshuaTheMiller
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1 Answer

6 votes

Amount = P ( 1 + R ) ^n

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

= 37, 500 ( 1. 043 ) ^6

= $ 48, 276. 65

answered
User Wahdan
by
8.4k points
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