Question 176412: A businessman invested $20,000 in an account that earns 9% interest compounded monthly. Find the future nvaluen in three years. Answer by solver91311(24713) (Show Source):
You can put this solution on YOUR website! Where PV is present value, r is the interest PER COMPOUNDING PERIOD, and n is the number of compounding periods.
Since you are compounding an annual interest rate monthly, you have to divide the interest rate by 12 to get r and multiply the number of years by 12 to get n.
Plug in the numbers and use your calculator. Remember to round your answer to the nearest cent.
