SOLUTION: determine the amount of an investment if 700$ is invested at an interest rate of 8% compounded monthly for 9 years

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Question 81285: determine the amount of an investment if 700$ is invested at an interest rate of 8% compounded monthly for 9 years
Answer by stanbon(48558) About Me  (Show Source):
You can put this solution on YOUR website!
determine the amount of an investment if 700$ is invested at an interest rate of 8% compounded monthly for 9 years
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Formula: A(t)=P(1+r/n)^(nt)
A(9) = 700(1+0.08/12)^(12*9)
A(9) = 700(1+0.00667)^(108)
A(9) = 700(2.05026
A(9) = $1435.18
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Cheers,
Stan H.