SOLUTION: Jessica saved $ 25000 at 8% compounded monthly. Two years later, she withdrew $ 14000 from the savings. Find the amount left in the account.
would appreciate the help
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Question 1102330: Jessica saved $ 25000 at 8% compounded monthly. Two years later, she withdrew $ 14000 from the savings. Find the amount left in the account.
would appreciate the help
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
f = p * (1+r)^n
f is the future value
p is the present value
r is the interest rate per time period
n is the number of time periods
in your problem.
f = what you want to find
p = 25000
r = .08/12
n = 2*12
formula becomes f = 25000 * (1+.08/12)^(2*12).
solve for f to get f = 29322.19829
subtract 14000 from that and you are left with 15322.19829
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