Jill’s husband Jim invests $15 000 with compound interest at 3% pa. Ch 3 How much does he have after 4 years?
+426 Jill’s husband Jim invests $15 000 with compound interest at 3% per year. How much does he have after 4 years?
Interest -> $15 000 × [100% + (4 × 3%)]
= $15 000 × (100% + 12%)
= $15 000 × 112%
= $16 800
from MathWizard2004 A.K.A. mathw0122
P.S. January 22, 2004 is not my birthday! (gotten from Inside Out)
+118723 MWizzard, take a look at my answer :)
Jill’s husband Jim invests $15 000 with compound interest at 3% pa. Ch 3 How much does he have after 4 years?
It depends on how often it is compounded bur I will assume it is compounded yearly
15000 (1+0.03)^4 = 15000*1.03^4
15000*1.03^4 = 16882.63215
$16,882.63
