SOLUTION: How much will $500 be worth 60 years from now to the nearest cent if it is invested at 4.75% APR compounded at the following rates? Be sure to show the formula you use. a.) mont

Question 1129904: How much will $500 be worth 60 years from now to the nearest cent if it is invested at 4.75% APR compounded at the following rates? Be sure to show the formula you use.
a.) monthly
b.)daily
c.) continuously
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
How much will $500 be worth 60 years from now to the nearest cent if it is invested at 4.75% APR compounded at the following rates? Be sure to show the formula you use.
a.) monthly
60 years = 720 months
$500*(1 + 0.0475/12)^720
=~ $8595.40
-------------------
b.)daily
Similar to a
===============
c.) continuously
= $500*e^(60*0.0475)
= $8643.89
RELATED QUESTIONS
Suppose $500 is invested at 6.5% interest, compounded monthly. How much is the investment (answered by joyofmath)

I have a couple questions that I need help with please. How much would $500 invested... (answered by solver91311)

How much would $500 invested at 7% interest compounded annually be worth after 4 years?... (answered by checkley77)

How much would $500 invested at 8% interest compounded annually be worth after 4 years?... (answered by stanbon)

How much would 200 invested at 6% interest compounded annually be worth it for six years... (answered by natolino_2017)

Suppose that 5,700 is invested at 5% annual intrest rate, compounded monthly how much... (answered by rfer)

Suppose $2500 is invested at 4% interest, compounded quarterly. How much is the... (answered by joyofmath)

A principal of $4800 is invested at 4.5% interest, compounded annually. How much will the (answered by ikleyn)

How much would $500 invested at 6% interest compounded monthly be worth after 5 years?... (answered by jim_thompson5910)