SOLUTION: Investing $230,000 at 5.5% compounded monthly for 3 1/2 years, Round the monthly rate in decimal form to four decimal places. Thanks.

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Question 1074136: Investing $230,000 at 5.5% compounded monthly for 3 1/2 years, Round the monthly rate in decimal form to four decimal places. Thanks.
Answer by addingup(3677) About Me  (Show Source):
You can put this solution on YOUR website!
230,000(1+(5.5/12))^(12*3.5) = Amount.
Use your calculator. Solve parenthesis from the inside out: 5.5/12, then 1+your previous result, then take the sum to the power of 12*3.5, and finally multiply times 230K. It's all calculator work, you don't need me for that.