SOLUTION: three hundred years ago your ancestor invested 1$ for you at 4.5% compounded monthly. HOw much is it worth now and what if she had invested it at 5% also compounded monthly
Algebra.Com
Question 538442: three hundred years ago your ancestor invested 1$ for you at 4.5% compounded monthly. HOw much is it worth now and what if she had invested it at 5% also compounded monthly
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
Compounded Monthly:
^{12t})
Where 
is the value now, 
is the value of the initial investment, 
is the interest rate expressed as a decimal (the given percentage divided by 100), and 
is the number of years of the investment.
Just plug in the numbers and do the arithmetic. Hint: The "x^y" button is handy for raising somethig to the 3600th power.
John
My calculator said it, I believe it, that settles it
RELATED QUESTIONS
I have a couple questions that I need help with please.
How much would $500 invested... (answered by solver91311)
How much will $500 be worth 60 years from now to the nearest cent if it is invested at... (answered by Alan3354)
How much would $200 invested at 4% interest compounded monthly be worth after 30 years?
(answered by rfer)
Five years ago, $10000 was invested at 6%/a compounded semi-annually. Today the... (answered by venugopalramana)
How much money would you have if $1350 is invested for 5 years at 2.25%, compounded... (answered by Fombitz,jorel1380)
please help me solve this equation
$1000 is invested at 4% for 3 years. How much will... (answered by jim_thompson5910)
One hundred dollars is invested at 12% interest compounded annually. Determine how much... (answered by mananth)
My teacher didn't give me any formulas for these things.. please help me!! T~T
1. You (answered by KMST)
Five years ago, Diane secured a bank loan of $360,000 to help finance the purchase of a... (answered by Theo)
