namitjain98
Mar 29, 2012, 10:12 AM
If I invest 2000000 compounded monthly at 1.5% rate per month.what will amount after 16 years or 192 months
ebaines
Mar 29, 2012, 10:38 AM
the formula for compunding interest is:
FV = PV(1+i)^n
where PV = present value, or 2000000 for this problem.
I = interst rate in percent per time reriod, or 0.015.
n = number of times, or 192.
Plug this into your calculator and see what you get.