Question

If you invested $250 at 16% interest, how much will you have after 18 years

Answer 1

Explanation:

If it's simple interest, you'll have $250*0.16*18 = $720

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If it's compount interest, which is likely, it varies with the compounding period.

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Compounded annually it's $250*(1.16)^18 = $3615.63

Compounded quarterly it's $250*(1.04)^72 = $4210.57

Compounded continuously it's $250*e^0.16*18 = $ 4453.68