Question 1201357
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Suppose you could make a single "lump sum" deposit of $7694, 
in an investment that provides an Annual Percentage Rate(APR) of 3% compounded monthly. 
Determine the Future Value(FV) of the investment after 18 years.
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<pre>
Future value 

    f = p*(1 + r)^n


    p is the principal amount,
    r is the interest rate per time period,
    n is the number of time periods.


In your problem:

    p = 7694  dollars,
    r = 0.03/12 = 0.0025 per month,
    n = 12*18 = 216 months.


Formula becomes f = {{{7694*(1 + 0.0025)^216}}}.


Use your calculator to get  f = 13,194.06  dollars.    <U>ANSWER</U>
</pre>

Solved.


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To see many other similar &nbsp;(and different) &nbsp;solved problems on compounded interest accounts, &nbsp;look into the lesson

&nbsp;&nbsp;&nbsp;&nbsp;- <A HREF=https://www.algebra.com/algebra/homework/percentage/lessons/Compound-interest-percentage-problem.lesson>Compounded interest percentage problems</A> 

in this site.


Learn the subject from there.