2006-06-25 19:02:44 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
total would be 812.773
formula = 100 (1+1.6/100)^132 (assumption: 1.6% monthly interest rate)
:)
2006-06-25 19:08:35 · answer #1 · answered by TJ 5 · 4⤊ 0⤋
Compound Interest, CI = P(1+r/100)^n
Principal,P = $100
Rate, r=1.6/month = 1.6x12=19.2/ year
No. of years, n=132 months=11 years.
Hence, CI=100(1+19.2/100)^11
= 690.3
Hence answer is $690.3
This is the CI. Total Sum = CI+$100 = $790.3
2006-06-25 19:12:22 · answer #2 · answered by Ratz 2 · 0⤊ 0⤋
I got $119.23. You have to divide 1.6 by the number of interest collection times per year which is 12 and then divide it by 100. I think this is right.
2006-06-25 19:10:04 · answer #3 · answered by Anonymous · 0⤊ 0⤋
8250
2006-06-25 19:14:41 · answer #4 · answered by mrad 1 · 0⤊ 0⤋
44548.33
2006-06-25 19:07:28 · answer #5 · answered by mzJakes 7 · 0⤊ 0⤋