SOLUTION: Suppose $500 is invested at a rate of 11% per year compounded monthly. (Round your answers to the nearest cent.)
(a) Find the principal after 1 month.
(b) Find the principal af
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-> SOLUTION: Suppose $500 is invested at a rate of 11% per year compounded monthly. (Round your answers to the nearest cent.)
(a) Find the principal after 1 month.
(b) Find the principal af
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Question 1147954: Suppose $500 is invested at a rate of 11% per year compounded monthly. (Round your answers to the nearest cent.)
(a) Find the principal after 1 month.
(b) Find the principal after 6 months.
(c) Find the principal after 1 year.
(d) Find the principal after 20 years. Answer by ikleyn(52794) (Show Source):
For your problem, the general formula is
Future value = ,
where "n" is the number of months.
For example, for 1 month (n= 1)
Future value = = 504.58 dollars.
Next, for 6 months
Future value = = 528.14 dollars.
Do the rest by the same way.
