If I invest 2000000 compounded monthly at 1.5% rate per month.what will amount after 16 years or 192 months
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If I invest 2000000 compounded monthly at 1.5% rate per month.what will amount after 16 years or 192 months
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.
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