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Beliebt >

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

Lösung

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

Lösung

Amount : 6391.03

Schritte zur Lösung

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

Beliebte Beispiele

five times an unknown number is equal to 60 find the number Suppose that 2700 is borrowed for two years at an interest rate of 4% per year, compounded continuously. Find the amount owed, assuming no payments are made until the end.One number is 6 times as large as another. The sum of their reciprocals is 49/6. Find the two numbers.Abby opened an account with a deposit of 3,000. She did not make any additional deposits or withdrawals. The account earns simple annual interest. At the end of 8 years, the balance of the account was 3,600. What was the annual interest rate on this account?What is the total interest to be paid on a 2 year \text{:3000} loan at 16% p.a. flat interest?