SOLUTION: How much will $500 be worth 60 years from now to the nearest cent if it is invested at 4.75% APR compounded at the following rates? Be sure to show the formula you use.
a.) mont
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a.) mont
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Question 1129904: How much will $500 be worth 60 years from now to the nearest cent if it is invested at 4.75% APR compounded at the following rates? Be sure to show the formula you use.
a.) monthly
b.)daily
c.) continuously Answer by Alan3354(69443) (Show Source):
You can put this solution on YOUR website! How much will $500 be worth 60 years from now to the nearest cent if it is invested at 4.75% APR compounded at the following rates? Be sure to show the formula you use.
a.) monthly
60 years = 720 months
$500*(1 + 0.0475/12)^720
=~ $8595.40
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b.)daily
Similar to a
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c.) continuously
= $500*e^(60*0.0475)
= $8643.89
