Question 1137979: if a certain firm invests $3000 at 5.75% annual interest compounded monthly. find the value of the investment in 6 years
Answer by Boreal(15235)   (Show Source):
You can put this solution on YOUR website! This is 3000(1+(.0575/12))^72, the 72 being the number of months in 6 years.
=$4232.48, round at the end.
Calculate 1+ (.0575/12), then raise it to the 72 nd power, then multiply by $3000.
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