Answered

Welcome to Westonci.ca, where you can find answers to all your questions from a community of experienced professionals. Connect with a community of experts ready to help you find solutions to your questions quickly and accurately. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

Zikri wins a cash prize of one million ringgit. She invests the money into an investment institution that offer
a return of 6% per year. The total amount of Zikris investment after n years is calculated by using the formula
J = P(1 + k)" with p is the initial investment and k is the rate of return per year. Find Zikris total investment
after 15 years.​

Sagot :

Parrain

Answer: 2,396,558 Ringgit

Step-by-step explanation:

J = P * ( 1 + k)^n

P = initial investment of 1,000,000 Ringgit

k = rate of return of 6% per annum

n = Number of years of investment

J = 1,000,000 * ( 1 + 6%)¹⁵

= 1,000,000 * 2.396558193

= 2,396,558 Ringgit

Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Discover more at Westonci.ca. Return for the latest expert answers and updates on various topics.