SOLUTION: Find the future value of each of the following at a given annual rate compounded annually and the given time: a. ₱3,000 at 2.5% after 3 years b. ₱15,000 at 3.75% after 4 ye

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Question 1175691: Find the future value of each of the following at a given annual rate compounded
annually and the given time:
a. ₱3,000 at 2.5% after 3 years
b. ₱15,000 at 3.75% after 4 years
Answer by greenestamps(13203) About Me  (Show Source):
You can put this solution on YOUR website!


a. The interest rate is 2.5% = 0.025; the annual growth factor is 1+0.025 = 1.025; the value after n years is the initial amount, multiplied by the growth factor n times.

3000%281.025%29%5E3

b. Just plug in the new numbers and perform the same calculation.