Hi every1!
Is there a quick way to calculate the following:
3000 * (1.005)^12
Thanx in advance,
Z
Is there a quick way to calculate the following:
3000 * (1.005)^12
Thanx in advance,
Z
- Attachments
-
This isn't really a way to do the calculation, but it is a way to answer the question easily...
Clearly, all the answers except the ones in the $3,000s are wrong, so let's ignore those.
On every compound interest question I've ever seen, the right answer is the one closest to, but above, the simple interest. $3,180 is simple interest ($3,000 x 1.06), and therefore $3,185 must be compound interest. So, that's what I would pick.
