Question 1202018
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Calculate the future value. (Round your answer to two decimal places.)
P = $29,000, r = 7% compounded monthly, t = 5 years
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<pre>
f = p * (1 + r) ^ n


f is the future value
p is the principal (one-time original deposit)
r is the interest rate per time period as a decimal number
n is the number of time periods.


in your problem:


p = 29000
r = 0.07/12  monthly
n = 5*12 = 60 monthly periods


formula becomes f = {{{29000*(1+0.07/12)^60}}} = 41111.13 dollars.    <U>ANSWER</U>
</pre>

Solved.


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To see many other similar 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>Compound interest percentage problems</A> 

in this site.