How much was the interest of an investment with a future value of $36,920 and interest at 4% compounded monthly for a period of 2.5 years?
Question
Solution 1
To calculate the interest earned on an investment, we first need to find out the initial principal amount. We can do this by using the formula for compound interest which is:
A = P(1 + r/n)^(nt)
Where: A = the future value of the investment/loan, including interest P = the principal investment amo Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI
Similar Questions
How much was invested if the future value of the investment is $7,083.34 and the interest was at 4% compounded quarterly for a period of 3.5 years?
In what time will $3,90,625 amount to $4,56,976 at 4% compound interest? Ops: A. 4 years B. 1 year C. 3 years D. 2 years
If $2000 is invested at an interest rate of 9% per annum, compounded annually, what will the value of the investment be after 6 years?
For a loan of $2,000 with a 4% annual interest rate compounded annually for 3 years, what is the amount of interest?*$249.73$250$249.60$240
What will be the interest after 2 years on a sum of Rs 1440,at the rate of interest 813813% compounded annually?Rs 230Rs 275Rs 200Rs 250
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.