SOLUTION: A person invested $20 000 for 9 years at 7.7% a interest compounded monthly. Calculate the future value of the investment.
A) $45793. 72 B) $38991.62 C) $39905.67 D) $33860.00
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Question 1102513: A person invested $20 000 for 9 years at 7.7% a interest compounded monthly. Calculate the future value of the investment.
A) $45793. 72 B) $38991.62 C) $39905.67 D) $33860.00
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A person invested $20 000 for 9 years at 7.7% a interest compounded monthly. Calculate the future value of the investment.
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A(t) = P(1+(r/n))^(n*t)
A(9) = 20,000(1+0.077/12))^(12*9)
A(9) = 20,000*1.0064^108
A(9) = 20,000*1.9953
A(9) = $39905.67
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Cheers,
Stan H.
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A) $45793. 72 B) $38991.62 C) $39905.67 D) $33860.00
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