document.write( "Question 766418: If I invested my savings of $6516.90 in an account with 6% interest which compounds monthly, how much money would I have in 10 years, 20 years and 30 years? \n" ); document.write( "

Algebra.Com's Answer #466971 by Theo(13342) $\"\"$ $\"About$

You can put this solution on YOUR website!
formula to use is:\r
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\n" ); document.write( "\n" ); document.write( "fv = pv * (1 + air/c) ^ (y * c)\r
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\n" ); document.write( "\n" ); document.write( "fv = future value
\n" ); document.write( "pv = present value
\n" ); document.write( "apr = annual percent interest rate
\n" ); document.write( "air = annual interest rate = apr / 100
\n" ); document.write( "c = number of compounding periods per year.
\n" ); document.write( "y = number of years
\n" ); document.write( "y1 = 10
\n" ); document.write( "y2 = 20
\n" ); document.write( "y3 = 30
\n" ); document.write( "pv = 6516.90
\n" ); document.write( "apr = 6
\n" ); document.write( "air = .06\r
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\n" ); document.write( "\n" ); document.write( "in your problem, this is what happens:\r
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\n" ); document.write( "\n" ); document.write( "y1 * c = 10 * 12 = 120
\n" ); document.write( "y2 * c = 20 * 12 = 240
\n" ); document.write( "y3 * c = 30 * 12 = 360\r
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\n" ); document.write( "\n" ); document.write( "air / c = .06 / 12 = .005
\n" ); document.write( "1 + air / c = 1 + .005 = 1.005\r
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\n" ); document.write( "\n" ); document.write( "your formulas become:\r
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\n" ); document.write( "\n" ); document.write( "fv1 = 6516.90 * (1.005)^120 = 11856.83
\n" ); document.write( "fv2 = 6516.90 * (1.005)^240 = 21572.27
\n" ); document.write( "fv3 = 6516.90 * (1.005)^360 = 39248.52\r
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