Posted by Scott on Wednesday, December 19, 2012 at 3:46pm.
$2700 left in an account paying 4% interest would be worth how much today?
- Math - Damon, Wednesday, December 19, 2012 at 3:49pm
Scott, you are not giving us anything like the information required for this problem or the other one.
How often? (monthly, continuous, quarterly)
In your earlier problem you gave us no idea what the interest rate was or how often it was compounded. Are you making these problems up yourself?
- Math - Scott, Wednesday, December 19, 2012 at 4:10pm
It is not a school question. It is a real life question.
So let's assume the interest averaged 4 % compounded daily over the 27 years.
- Math - Damon, Wednesday, December 19, 2012 at 10:23pm
future value = present value e^yr
where y = 27 years
r = .04 yearly interest rate
e^1.08 = 2.945
2700 * 2.945 = 7950.63
- Math - Damon, Wednesday, December 19, 2012 at 10:25pm
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