SOLUTION: How much money will you have in 10 years if you invest $2000 at a 4.5% annual rate of interest compounded quarterly? How much will you have if it is compounded monthly?

SOLUTION: How much money will you have in 10 years if you invest $2000 at a 4.5% annual rate of interest compounded quarterly? How much will you have if it is compounded monthly?

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Question 808089: How much money will you have in 10 years if you invest $2000 at a 4.5% annual rate of interest compounded quarterly? How much will you have if it is compounded monthly?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
FV=2000(1+0.045/4)^4*10
FV=2000(1.01125)^40
FV=2000(1.56438)
FV=$3128.75
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FV=2000(1+0.045/12)^12*10
FV=2000(1.00375)^120
FV=2000(1.566993)
FV=$3133.98
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