SOLUTION: Find the balance after 6 years of a $3,000 investment at 4% annual rate with interest compounded monthly?

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Question 1114715: Find the balance after 6 years of a $3,000 investment at 4% annual rate with interest compounded monthly?
Found 2 solutions by rfer, ikleyn:
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
FV=3000(!.04)^6
FV=3000(1.2653)
FV=3795.90

Answer by ikleyn(52751) About Me  (Show Source):
You can put this solution on YOUR website!
.
Find the balance after 6 years of a $3,000 investment at 4% annual rate with interest compounded monthly?
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3000%2A%281%2B0.04%2F12%29%5E%286%2A12%29 = 3000%2A1.0033333%5E72 = $3812.22.


Be aware:   The other's tutor answer is   W R O N G !