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Rienamartinez57go
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mr. cruz invest 120,000.00 at 12% compounded anually. He plans to get this amount after 6 years for his son's college education. how much will he get?​

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QUESTION

mr. cruz invest 120,000.00 at 12% compounded anually. He plans to get this amount after 6 years for his son's college education. how much will he get?

SOLUTION

F = P(1+r/n)^nt

  • P=Principal , r = rate , t = time , n = number of times compounded

Note: annually = 1 year

F = P(1+r/n)^nt

F = 120 000 (1+0.12/1)^1(6)

F = 120 000 (1+0.12)^6

F = 120 000 (1.12)^6

F = 120 000 (1.973822685)

F = 236 856.7222

F = 236 856.73

ANSWER

  • Php 236 856.73 will she get after 6 years

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