What would be the value of $150 after eight years if you earn 12 percent interest per year?
Asked by maham237 @ in Mathematics viewed by 385 People
Answered by maham237 @
Every year $150 gains 12%, so every year you multiplythe value $150 times 1.12. So, after eight years the value will be:
$150 * 1.12 * 1.12 * 1.12 * 1.12 * 1.12 * 1.12 * 1.12 * 1.12 = $150 * (1.12)^8 = $ 371.39.
Answer: $ 371. 39
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