SOLUTION: DETERMINE THE BALANCE ON $4000 WITH 3.8% INTEREST CACULATED MONTHLY FOR 4 YEARS?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: DETERMINE THE BALANCE ON $4000 WITH 3.8% INTEREST CACULATED MONTHLY FOR 4 YEARS?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 905837: DETERMINE THE BALANCE ON $4000 WITH 3.8% INTEREST CACULATED MONTHLY FOR 4 YEARS?
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
FV=4000(1+0.038/12)^4
FV=4000(1.003167)^4*12
FV=4000*1.163899
FV=$4655.60