Question

John’s parents deposited $1000 into a savings account as a college fund when he was born. How much will John have in this account after 18 years at a yearly compound interest rate of 3.25%?

Answer 1

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Principal Amount = $1000

Time period = 18 years

Rate of interest= 3.25%

$\sf{Simple \: Interest} = \frac{PTR}{100} \\ \\ \sf \implies \frac{(1000 \times 18×3.25)}{100} \\ \\ \sf \implies 18 \times 32.5 \\ \\ \sf \implies 585$

Total Amount = P + Simple Interest

$\dashrightarrow \pmb { 1000 + 585} \\ \\ \dashrightarrow \pmb { \red{1585} }$

Answer 2

Answer:

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