SOLUTION: If 19100 dollars is invested at an interest rate of 6 percent per year, find the value of the investment at the end of 5 years for the following compounding methods, to the neare

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Question 1208212: If 19100 dollars is invested at an interest rate of 6 percent per year, find the
value of the investment at the end of 5 years for the following compounding methods, to the nearest cent.
(a) Annual: $

(b) Semiannual: $

(c) Monthly: $

(d) Daily: $
Answer by ikleyn(53763)   (Show Source): You can put this solution on YOUR website!
.
If 19100 dollars is invested at an interest rate of 6 percent per year, find the value
of the investment at the end of 5 years for the following compounding methods, to the nearest cent.
(a) Annual: $
(b) Semiannual: $
(c) Monthly: $
(d) Daily: $
~~~~~~~~~~~~~~~~~~~~~ 

(a)  FV (future value) =  =  = use your calculator = 25560.11 dollars.


(b)  FV (future value) =  =  = use your calculator = 25668.80  dollars;


(c)  FV (future value) =  =  = use your calculator = 25763.04  dollars.

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To see many other similar  (and different)  solved problems on compounded interest accounts,  look into the lesson
    - Compounded interest percentage problems
in this site.

Learn the subject from there.


Happy learning  ( ! )



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