Asked by martha
Compound Interest Question
James has 10,000 to invest. If he invest money in a savings account that pays 4% APR, calculate the following:
a) how long will it take to have a total of 15,000 if interest is compounded quarterly (3months)?
b)how much will he have after 7yrs if interest is compounded yearly? monthly?
James has 10,000 to invest. If he invest money in a savings account that pays 4% APR, calculate the following:
a) how long will it take to have a total of 15,000 if interest is compounded quarterly (3months)?
b)how much will he have after 7yrs if interest is compounded yearly? monthly?
Answers
Answered by
Henamaia
254
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