Posted by Naimy on Monday, February 16, 2009 at 8:06pm.
how about
400(1.075)^10 ?
or $824.41
At 0.75 percent, I don't think you'd more than double your money in just 2.5 years.
I got a different answer. I used 0.0075 as the multiplier and figured it the long way -- quarter by quarter.
In the first quarter you'd earn $3.00. Add that to the original 400 and again multiply by 0.0075. At the end of the second quarter, you'd have $406.02.
Finally, by the end of the 10th quarter, I got a total of $431.03.
of course!
I left out a zero, and then punched in that wrong value in my calculator, without thinking about the answer.
should have been
400(1.0075)^10
= 431.03
thanks for catching that
You're welcome, Reiny.
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