Question

When Sara was 15 years old, an uncle left her as inheritanceà a sum of 10,000 euros which he invested in a bank that applies the interest rate of 2,5% annual. Today Sara is 18 years and wants to buy a'car, how much she can ò withdraw from the bank?

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Answer to a math question When Sara was 15 years old, an uncle left her as inheritanceà a sum of 10,000 euros which he invested in a bank that applies the interest rate of 2,5% annual. Today Sara is 18 years and wants to buy a'car, how much she can ò withdraw from the bank?

Expert avatar
Bud
4.6
85 Answers
To find out how much Sara can withdraw from the bank, we need to calculate the amount of money she would have after 3 years with the given interest rate.

The formula to calculate the future value of an investment with compound interest is:

FV = P(1 + r)^n

Where:
FV is the future value of the investment
P is the principal amount (initial investment)
r is the interest rate per period
n is the number of periods

In this case, the principal amount ( P ) is 10,000 euros, the interest rate ( r ) is 2.5% or 0.025 as a decimal, and the number of periods ( n ) is 3 years.

Plugging these values into the formula, we get:

FV = 10,000(1 + 0.025)^3

Now let's calculate this:

FV = 10,000(1.025)^3
FV = 10,000(1.07689)
FV = 10,768.90

Therefore, Sara can withdraw 10,768.90 euros from the bank.


Answer: Sara can withdraw 10,768.90 euros from the bank.

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