Question 176412
{{{FV = PV(1 + r)^n}}} 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.