SOLUTION: Find the future value of $233.00 deposited at the end of the month for 4 years at 12% compounded monthly.
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Question 617848: Find the future value of $233.00 deposited at the end of the month for 4 years at 12% compounded monthly.
Answer by unlockmath(1688) (Show Source): You can put this solution on YOUR website!
Hello,
The formula to use is:
A=P(1+r/n)^nt
Plug in the values:
A=233(1+.12/12)^12x4
A=$375.65 (approx)
Make sense?
RJ
www.math-unlock.com
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