question archive A student invests $1000 in a bank account that pays an interest rate of 3
A student invests $1000 in a bank account that pays an interest rate of 3
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A student invests $1000 in a bank account that pays an interest rate of 3.25% compounded monthly.
a) Develop a formula which will calculate the value of the investment (V) with respect to the number of compounding periods (n).
b) Hence, or otherwise, use the formula you developed in part a) to calculate:
- ? The value of the investment after 10 years
- ? The time taken for the investment to reach $10 000
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