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    namitjain98's Avatar
    namitjain98 Posts: 2, Reputation: 1
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    #1

    Mar 29, 2012, 10:12 AM
    Compound interest
    If I invest 2000000 compounded monthly at 1.5% rate per month.what will amount after 16 years or 192 months
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    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.
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