document.write( "Question 274536: If I invested $5,000 at 5% compounded monthly. What is the amount after 28 years? What compound interst formula would I use? \n" ); document.write( "
Algebra.Com's Answer #200332 by Theo(13342)\"\" \"About 
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annual interest rate = 5%/100% = .05\r
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\n" ); document.write( "\n" ); document.write( "monthly interest rate = .05/12 = .004166667\r
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\n" ); document.write( "\n" ); document.write( "number of time periods = 28 years * 12 compounding periods per year = 336\r
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\n" ); document.write( "\n" ); document.write( "your formula is:\r
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\n" ); document.write( "\n" ); document.write( "f = p * (1+i)^n where:\r
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\n" ); document.write( "\n" ); document.write( "f = future value
\n" ); document.write( "p = present amount
\n" ); document.write( "i = interest rate per time period (months)
\n" ); document.write( "n = number of time periods (months)\r
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\n" ); document.write( "\n" ); document.write( "this formula becomes:\r
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\n" ); document.write( "\n" ); document.write( "f = 5000 * (1+(.05/12))^(28*12) which equals:\r
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\n" ); document.write( "\n" ); document.write( "f = 5000 * (1.004166666666)^(336) and your answer is:\r
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\n" ); document.write( "\n" ); document.write( "f = $20,217.11097\r
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