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#1 2013-05-22 02:57:20

mom
Member
Registered: 2012-04-25
Posts: 94

Please help with the process on how to work this out

Is it more profitable to receive $2000 now or $3500 in 10 years?  Assume that money can earn 6% interest compounded monthly.

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#2 2013-05-22 05:51:52

bobbym
Administrator
From: Bumpkinland
Registered: 2009-04-12
Posts: 83,211

Re: Please help with the process on how to work this out

Hi mom;

I would take the 2000 right now and invest it at the 6% compounded monthly.


In mathematics, you don't understand things. You just get used to them.
I have the result, but I do not yet know how to get it.
All physicists, and a good many quite respectable mathematicians are contemptuous about proof.

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