SOLUTION: three hundred years ago your ancestor invested 1$ for you at 4.5% compounded monthly. HOw much is it worth now and what if she had invested it at 5% also compounded monthly
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Question 538442: three hundred years ago your ancestor invested 1$ for you at 4.5% compounded monthly. HOw much is it worth now and what if she had invested it at 5% also compounded monthly Answer by solver91311(24713) (Show Source):
Where is the value now, is the value of the initial investment, is the interest rate expressed as a decimal (the given percentage divided by 100), and is the number of years of the investment.
Just plug in the numbers and do the arithmetic. Hint: The "x^y" button is handy for raising somethig to the 3600th power.
John
My calculator said it, I believe it, that settles it
