SOLUTION: Calculate the future value. (Round your answer to two decimal places.) P = $29,000, r = 7% compounded monthly, t = 5 years

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