SOLUTION: IF R10 000 is invested at 6%, compounded monthly, then the Future value oF the investment S aFter x years is given by S = 10 000(1 . 005) 12 x. find the value of the investment aft

Algebra ->  Linear-equations -> SOLUTION: IF R10 000 is invested at 6%, compounded monthly, then the Future value oF the investment S aFter x years is given by S = 10 000(1 . 005) 12 x. find the value of the investment aft      Log On


   

Question 1072965: IF R10 000 is invested at 6%, compounded monthly, then the Future value oF the investment S aFter x years is given by S = 10 000(1 . 005) 12 x. find the value of the investment after 5 years
find the value of investment after 30 years.
Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
F=P%281%2Bi%29%5En
So for 5 years monthly,
F=10000%281%2B0.06%2F12%29%5E%285%2A12%29
F=10000%281.005%29%5E%2860%29
For 30 years monthly,
F=10000%281.005%29%5E%2830%2A12%29
F=10000%281.005%29%5E%28360%29
Use your calculator for the final answer.