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Popular Word Problems >

Calculate the future value of an investment of a present value of 400 at an interest rate of 3% pa for 2 years compounding annually

Solution

C a l c u l a t e t h e f u t u re v a l u e o f an in v es t m e n t o f a p rese n t v a l u e o f 400 a t an in t eres t r a t e o f 3% p a f or 2 ye a rs co m p o u n d in g ann u a ll y

Solution

Amount : 424.36

Solution steps

Translate the problem into an equation:

A = 400 (1 + \frac{0.03}{1})^{1 \cdot 2}

400 (1 + \frac{0.03}{1})^{1 \cdot 2} = 424.36

Amount : 424.36

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