Question 795306: To determine the compound amount of an investment of $10,000 with an interest rate of 6% compounded monthly after 4 years requires you to use a table factor that goes beyond the Compound Interest Table. Calculate the new table factor for this investment. (Points : 2.5)
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Determine the compound amount of an investment of $10,000 with an interest rate of 6% compounded monthly after 4 years
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A(t) = P(1+(r/n))^(nt)
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A(4) = 10,000(1+(0.06/12))^(12*4)
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A(4) = $12,704.89
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Cheers,
Stan H.
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