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July 31, 2014

July 31, 2014

Posted by **audrey** on Friday, January 13, 2012 at 3:38pm.

a 3 percent annual compound interest rate. Also calculate the future

value if the investment is made for two years.

- Finance -
**Henry**, Saturday, January 14, 2012 at 9:27pmPt = Po(1+r)^n.

r = 3%/100% = 0.03 = APR expressed as a decimal.

n = 1comp/yr * 1yr = 1 = # of compound-

ing period.

Pt = 7000(1.03)^1 =

Pt = 7000(1.03)^2 =

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