SOLUTION: Find the amount if $500 is invested at 15% compounded monthly for 17 months. Amount = $

SOLUTION: Find the amount if $500 is invested at 15% compounded monthly for 17 months. Amount = $

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Question 729463: Find the amount if $500 is invested at 15% compounded monthly for 17 months.
Amount = $
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Find the amount if $500 is invested at 15% compounded monthly for 17 months.
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A(t) = P(1+(r/n))^(nt)
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A(17/12) = 500(1+(0.15/12))^(12(17/12)
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A(17/12) = 500(1.0125)^(17)= $617.57
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Cheers,
Stan H.
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