SOLUTION: A man investes R90000 at 16% compound annually.calculate the amount of money he receives if he invests it for seven years
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Question 711080: A man investes R90000 at 16% compound annually.calculate the amount of money he receives if he invests it for seven years
Answer by nerdybill(7384) (Show Source): You can put this solution on YOUR website!
A man investes R90000 at 16% compound annually.calculate the amount of money he receives if he invests it for seven years
.
A = P(1+r)^t
where
A is amount after time t (what we're looking for)
P is principal (9000)
r is rate (.16)
t is time (7)
.
A = 9000(1+.16)^7
A = 9000(1.16)^7
A = 9000(2.82621973446656)
A = RS25435.98
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