Question 620216: a guy leaves £18,000 in the bank for 6 years!, he get 5% interest every year? what is the answer to this? with one calculation. Found 2 solutions by solver91311, Alan3354:Answer by solver91311(24713) (Show Source):
What is the answer to what? You put your question mark after "he gets 5% interest every year" I have no idea whether that is true or not. Does he get 5% per annum? You tell me. Do you want to know the total amount in the account or the amount of interest earned, and at the end of how much time?
John
My calculator said it, I believe it, that settles it
You can put this solution on YOUR website! a guy leaves £18,000 in the bank for 6 years!, he get 5% interest every year? what is the answer to this?
The answer depends on the question.
---------------------
with one calculation.
============
If you want to know the balance, and if it's compounded annually (other options can be used):
FV = PV*(1 + 0.5)^6
FV = 18000*(1.05)^6
FV =~ 24121.72
