SOLUTION: A businessman invested $20,000 in an account that earns 9% interest compounded monthly. Find the furture value in three years.

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Question 171226: A businessman invested $20,000 in an account that earns 9% interest compounded monthly. Find the furture value in three years.

Answer by jojo14344(1512) About Me  (Show Source):
You can put this solution on YOUR website!
Working Eqn ----------> F=P%281%2B%28i%2Fm%29%29%5E%28mn%29
where ---->system%28F=FutureValue%2CP=Principal%2Ci=interest%2Cm=CompundedPerYear%2Cn=years%29
Subst.:
F=20000%281%2B%280.09%2F12%29%29%5E%2812%2A3%29
F=20000%281.0075%29%5E36
highlight%28F=26172.907%29, Answer
Thank you,
Jojo