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Popular >

Find the future value of\$4643.31 invested for 8 years at 4% compounded monthly

Solution

Find the future value of$4643.31 invested for 8 years at 4% compounded monthly

Solution

Amount : 6391.03

Solution steps

Translate the problem into an equation:

A = 4643.31 (1 + \frac{0.04}{12})^{12 \cdot 8}

4643.31 (1 + \frac{0.04}{12})^{12 \cdot 8} = 6391.02922 \dots

Round to the nearest hundredth:

6391.03

Amount : 6391.03

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