Solve 100(1+0.03/12)^12(2)

$$100 ( 1 + \frac { 0.03 } { 12 } ) ^ { 12 ( 2 ) }$$

Evaluate

$$106.1757044261978973925868161201991934091637613925943793376552552132352502667345106601715087890625$$

Solution Steps

Expand \frac{0.03}{12} by multiplying both numerator and the denominator by 100.

$$100\left(1+\frac{3}{1200}\right)^{12\times 2}$$

Reduce the fraction \frac{3}{1200} to lowest terms by extracting and canceling out 3.

$$100\left(1+\frac{1}{400}\right)^{12\times 2}$$

Add 1 and \frac{1}{400} to get \frac{401}{400}.

$$100\times \left(\frac{401}{400}\right)^{12\times 2}$$

Multiply 12 and 2 to get 24.

$$100\times \left(\frac{401}{400}\right)^{24}$$

Calculate \frac{401}{400} to the power of 24 and get \frac{298858039306015483445329296147756574767800059094329115180169601}{281474976710656000000000000000000000000000000000000000000000000}.

$$100\times \frac{298858039306015483445329296147756574767800059094329115180169601}{281474976710656000000000000000000000000000000000000000000000000}$$

Multiply 100 and \frac{298858039306015483445329296147756574767800059094329115180169601}{281474976710656000000000000000000000000000000000000000000000000} to get \frac{298858039306015483445329296147756574767800059094329115180169601}{2814749767106560000000000000000000000000000000000000000000000}.

$$\frac{298858039306015483445329296147756574767800059094329115180169601}{2814749767106560000000000000000000000000000000000000000000000}$$

Factor

$$\frac{401 ^ {24}}{2 ^ {94} \cdot 5 ^ {46}} = 106\frac{4.945639927201228 \times 10^{59}}{2.81474976710656 \times 10^{60}} = 106.1757044261979$$