SOLUTION: Mr Jake deposited an amount of 10 000 in a bank that pays 4% annual interest compound monthly. How much money will he have in 2 years?

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Question 1089649: Mr Jake deposited an amount of 10 000 in a bank that pays 4% annual interest compound monthly. How much money will he have in 2 years?
Answer by jorel1380(3719) About Me  (Show Source):
You can put this solution on YOUR website!
FV=10000*(1+(.04/12))^24 where FV equals future value. So
FV=10000*1.0831429591590643354859195953988= 10831.43
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