SOLUTION: Find the amount accumulated after investing a principal P for t years at an interest rate r. 18) P = $ 1097.65 , t = 4 , r= 6% , compounded monthly (k = 12)

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Question 1131913: Find the amount accumulated after investing a principal P for t years at an interest rate r.
18) P = $ 1097.65 , t = 4 , r= 6% , compounded monthly (k = 12)
Answer by ikleyn(52781) About Me  (Show Source):
You can put this solution on YOUR website!
.
FV (future value) = P%2A%281+%2B+r%2F12%29%5E%2812%2At%29 = 1097.65%2A%281%2B0.06%2F12%29%5E48 = 1394.55 dollars.