SOLUTION: If $350 is invested at 12% compounded (A) annually. (B) quarterly. (C) monthly What is the amount after 6 years? Rounded to the nearest cent.

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Question 934254: If $350 is invested at 12% compounded
(A) annually. (B) quarterly. (C) monthly
What is the amount after 6 years?
Rounded to the nearest cent.
Answer by ptfile(81) About Me  (Show Source):
You can put this solution on YOUR website!
FV=PV(1+r/n)^nt
a.)FV=350(1+.12/1)^(1)(6)
   FV=350(1.12)^6
   FV=690.84

b.)FV=350(1+.12/4)^(4)(6)
   FV=350(1+.03)^24
   FV=350(1.03)^24
   FV=711.48

c.)FV=350(1+.12/12)^(12)(6)
   FV=350(1+.01)^72
   FV=350(1.01)^72
   FV=716.48

The amount in 6 years will be $690.84 for annually, $711.48 for quarterly and $716.48 for monthly.