kaileyk1189 kaileyk1189
  • 13-09-2019
  • Mathematics
contestada

Cory invests $4000 at 3.5%. How much will he have in 6 years if the interest is compounded monthly ?

Respuesta :

slicergiza slicergiza
  • 16-09-2019

Answer:

$ 4933.2 ( approx )

Step-by-step explanation:

∵ Future value formula is,

[tex]A=P(1+\frac{r}{n})^{nt}[/tex]

Where,

P = principal amount,

r = annual rate,

n = number of periods,

t = number of years,

Given,

P = $ 4,000, r = 3.5 % = 0.035, t = 6 years n = 12 ( number of months in 1 year = 12 ),

Hence, the future value would be,

[tex]A=4000(1+\frac{0.035}{12})^{72}=4933.20414683\approx \$ 4933.2[/tex]

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