invested 2000
gains 0.2 every odd numbered month
final value after first month?
i've tried solving this with a formula, but every formula i come up with is wrong.
Could someone tell me how to solve this and plug in the right numbers into a formula?
Are we to assume that there is a 20% gain for every odd-numbered month and for the even-numbered months the investment stays constant?
Since the "first" month would be odd-numbered, the amount after the first month would simply be
2000(1.2) = 2400
the "formula" would simply be
amount = 2000(1 + .2)^1
for every even-numbered number month there is a 15% gain.
To calculate the final value of an investment after the first month, we need to consider the initial investment and the gains. Since the investment gains 0.2 every odd-numbered month, we can calculate the gains for the first month.
First, let's calculate the gains for the first month. Multiply the initial investment by the gain factor:
Gains = Initial investment * Gain factor = $2000 * 0.2 = $400
To calculate the final value, add the initial investment to the gains:
Final value = Initial investment + Gains = $2000 + $400 = $2400
Therefore, the final value of the investment after the first month is $2400.
There is no need for a complex formula in this case; it can be calculated directly by multiplying the initial investment by the gain factor and adding it to the initial investment.