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Calculate the future value. (Round your answer to two decimal places.)
P = $29,000, r = 7% compounded monthly, t = 5 years
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f = p * (1 + r) ^ n
f is the future value
p is the principal (one-time original deposit)
r is the interest rate per time period as a decimal number
n is the number of time periods.
in your problem:
p = 29000
r = 0.07/12 monthly
n = 5*12 = 60 monthly periods
formula becomes f = = 41111.13 dollars. ANSWER
Solved.
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To see many other similar solved problems on compounded interest accounts, look into the lesson
- Compound interest percentage problems
in this site.