On the day Harry Potter was born, his parents deposited 78,000 galleons in the Gringotts Wizarding...
On the day Harry Potter was born, his parents deposited 78,000 galleons in the Gringotts Wizarding Bank. Assume that the bank promises a fixed interest rate of 3%. How much will Harry have in his account when he enters Hogwarts at age 12?
| A. |
78,000 galleons |
|
| B. |
54,708 galleons |
|
| C. |
106,080 galleons |
|
| D. |
111,209 galleons |
Homework Answers
Option D is the right answer
Future Value = Present Value *(1+rate )^number of years
= 78000*(1+3%)^12
= 111209.349
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