Answer to Question #267354 in Financial Math for Ayana Prica

Question

Mia Benson invested her summer earnings of R3 000 in a savings account which pays 2.5% interest. How much will this amount be in 6 months?

Answer 1

$FV=PV(1+r)^n$

after 6 months:

$FV=3000(1+0.025)^{1/2}=R\ 3037.27$