Find the amount of #65200 in 3 1/2 years at 7% per annum
To calculate the amount of #65200 in 3 1/2 years at 7% per annum, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the future amount
P = the present amount
r = the annual interest rate (as a decimal)
n = the number of compounding periods per year
t = the number of years
In this case, the present amount (P) is #65200, the annual interest rate (r) is 7% or 0.07, the number of compounding periods per year (n) is 1 (since it is compounded annually), and the number of years (t) is 3 1/2 or 3.5.
Using these values, the formula becomes:
A = #65200(1 + 0.07/1)^(1*3.5)
Simplifying the equation:
A = #65200(1 + 0.07)^(3.5)
A = #65200(1.07)^3.5
A ≈ #65200(1.331)
A ≈ #86731.20
Therefore, the amount of #65200 after 3 1/2 years at 7% per annum is approximately #86731.20.