Question

Mark invested $4000 in a bank with a 10% monthly interest. How much money will he have after 40 months if the interest covers the previous amount plus interest.

Answer 1

find the interest for the next 40 months
that is
10/100 * 4000 = $400 per month
for 40 months = $400 * 40= $16000

Total amount = previous amount + interest
= 4000 + 16000 ?

Answer 2

not that one
for example during the first month I got $4200
then for the 2nd month i will have 4200*.05 = 210
4200+210= $4410
I will have $4410 in the 2nd month
and so on until I arrive at 40 months

Answer 3

i think u hve to do it, one by one. since it is a compund interest>

Answer 4

I got it already :)
I found an online calculator that computes things like this.
Anyway, thanks for the help. :)

Answer 5

:)