Principal amount 25000
Interest rate 2.47 percent per year = 0.0247
number of times compounded per year 12
Number of years 2
Amount after 25 months = 25000 ( 1 +0.0247 / 12)^(25)
= 25000(1.002058333)^(25)
Amount after 2 years = 26318.74
b)
26318.74-25,000 = 1,318.74
2)
Future amount 32349.72
Interest rate 4.27 percent per year = 0.0427
Number of times compounded per year 365
Number of years 18
Amount invested in 18 years = 32349.72 / ( 1 +0.0427 / 365)^(6570)
= 32349.72 / (1.00011698630137)^(6570)
Amount invested before 18 years = 15000.00
