SOLUTION: Suppose you invest $82,000.00, and it earns 9% annual interest, compounded 12 times per year, what will be in the account after 21 years? Round your answer to the nearest penny.
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Question 1195903: Suppose you invest $82,000.00, and it earns 9% annual interest, compounded 12 times per year, what will be in the account after 21 years? Round your answer to the nearest penny.
Recall:
F
=
P
(
1
+
i
)
n
, where
i
is the interest rate per period (month), and
n
is the total number of periods (months). The annual rate is not
i
, it is
12
(i)
. Answer by josgarithmetic(39617) (Show Source):
(