Joann invested 43,700 at 12% to be compounded monthly. What will be the value of Joann's investment in 4 years? Round your answer to the nearest cent, if necessary.

Solution

Joann invested 43, 700 at 12% to be compounded monthly. What will be the value of Joann's investment in 4 years? Round your answer to the nearest cent, if necessary.

Solution

Amount : 70454.28

Solution steps

Translate the problem into an equation:

A = 43700 (1 + \frac{0.12}{12})^{12 \cdot 4}

43700 (1 + \frac{0.12}{12})^{12 \cdot 4} = 70454.27959 \dots

Round to the nearest hundredth:

70454.28

Amount : 70454.28

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