document.write( "Question 1202018: Calculate the future value. (Round your answer to two decimal places.)
\n" ); document.write( "P = $29,000, r = 7% compounded monthly, t = 5 years
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Algebra.Com's Answer #836633 by ikleyn(52863) $\"\"$ $\"About$

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\n" ); document.write( "Calculate the future value. (Round your answer to two decimal places.)
\n" ); document.write( "P = $29,000, r = 7% compounded monthly, t = 5 years
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document.write( "f = p * (1 + r) ^ n\r\n" );
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document.write( "f is the future value\r\n" );
document.write( "p is the principal (one-time original deposit)\r\n" );
document.write( "r is the interest rate per time period as a decimal number\r\n" );
document.write( "n is the number of time periods.\r\n" );
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document.write( "in your problem:\r\n" );
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document.write( "p = 29000\r\n" );
document.write( "r = 0.07/12  monthly\r\n" );
document.write( "n = 5*12 = 60 monthly periods\r\n" );
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document.write( "formula becomes f =  = 41111.13 dollars.    ANSWER\r\n" );
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\n" ); document.write( "\n" ); document.write( "To see many other similar solved problems on compounded interest accounts, look into the lesson\r
\n" ); document.write( "\n" ); document.write( " - Compound interest percentage problems \r
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